Amarok Energy Inc.
TSX VENTURE : AMR

Amarok Energy Inc.

February 26, 2014 08:30 ET

Amarok Energy Inc. Update on Wyoming Operations

CALGARY, ALBERTA--(Marketwired - Feb. 26, 2014) - Amarok Energy Inc. ("Amarok" or the "Corporation") (TSX VENTURE:AMR) wishes to provide an update on its current operations in Wyoming.

After conducting further due diligence and after further communications with the operator of the Lake Creek 21 well (the "LC21 Well"), Amarok has determined that the LC21 Well is currently producing from both the upper and lower Tensleep Zones, both of which were activated during the previously announced completion of that well. There are no additional zones being evaluated for production from the LC21 Well. The operator is reviewing the potential use of an electrical submersible pump in order to improve the production level of the LC21 Well.

The Lake Creek 22A well (the "LC22A Well"), in which Amarok's wholly-owned US subsidiary, Trilateral Energy USA Inc. ("Trilateral USA") holds a 50% working interest, which also targeted the Tensleep formation, was swabbed for a period of 29.5 hours over a 5 day completion operation. The total amount of oil recovered was 6.3 barrels (3.2 net) which equates to a 5.1 bbls/day rate (2.6 net). The total amount of water recovered was 712 barrels (356 net).

The Zimmerman Butte 6 well (the "ZB6 Well"), in which Trilateral USA, holds a 50% working interest, which was recompleted in the Phosphoria formation, was swabbed for a period of 22.5 hours over a 3 day recompletion operation. The total amount of oil recovered was 2.0 barrels (1.0 net) which equates to a 2.0 bbls/day rate (1.0 net). The total amount of water recovered was 454 barrels (227 net).

The operator of the subject wells has advised Amarok that, although there can be no assurance that production volumes will increase, by pumping larger volumes of fluid from the LC22A Well and the ZB6 Well, when on production, as well as from the LC21 Well, oil production volumes can reasonably be expected to increase from the test rates above and from the previously announced test rate in respect of the LC21 Well, respectively.

Amarok is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas in North America.

Cautionary Statement on Forward-Looking Statements and Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will, "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, forward-looking statements and information in this press release include, but are not limited to: the potential use of an electrical submersible pump in order to improve the production level of the LC21 Well; and the operator's advice that by pumping larger volumes of fluid from the LC22A Well and the ZB6 Well, when on production, as well as from the LC21 Well, oil production volumes can reasonably be expected to increase from the test rates above, and from the previously announced test rate in respect of the LC21 Well, respectively. The forward-looking statements and information contained in this press release are based on certain key expectations and assumptions made by Amarok. Although Amarok believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because there can be no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: operational risks in development, exploration and production of oil and gas; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the forgoing list of factors is not exhaustive.

Management has included the above summary of assumptions and risks related to the forward-looking statements and information provided in this press release in order to provide a more complete perspective on the ongoing operations of Amarok and such information may not be appropriate for other purposes. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements and information contained in this press release will transpire or occur, or if any of them do so, what benefits may be derived therefrom.

Readers are cautioned that the test results from the LC22A Well and the ZB6 Well are not necessarily indicative of long-term performance or of ultimate recovery.

The forward-looking statements and information contained in this press release are made as of the date hereof and Amarok undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information