Amarok Energy Inc.
TSX VENTURE : AMR

Amarok Energy Inc.

May 27, 2013 21:38 ET

Announces the Release of First Quarter 2013 Financial Results and Operations Update

CALGARY, ALBERTA--(Marketwired - May 27, 2013) - Amarok Energy Inc. ("Amarok" or the "Corporation") (TSX VENTURE:AMR) announces the release of its financial results for the three months ended March 31, 2013.

The Corporation's financial statements and management's discussion and analysis for the three months ended March 31, 2013 will be available on SEDAR at www.sedar.com.

With Amarok's 100% owned property in Laurel, Montana, we have completed the processing and interpretation of the propriety 2D seismic, and are now reviewing drilling and surface production facilities design and costs. Amarok's South Sunshine joint venture drilling opportunity in Wyoming has been delayed due to surface access issues. Amarok is continuing to work through these issues and expects to spud a well after obtaining land access.

In the Llanos 21 Block (Colombia), Amarok holds a 5% carried interest on two exploration wells. Both wells were drilled in Q1 of this year to their objective targets. The first well was tested prior to the start of the rainy season, and, as anticipated, intersected oil in the lower part of the Carbonera Formation. Initial testing recovered oil and formation water, but further testing is required in order to more fully understand well capability. It is expected that further testing will occur later in Q3 or Q4 2013.

Amarok continues to assess new opportunities in the United States and South America.

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

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 anticipated drilling of a well in the Laurel area, Montana; the timing of drilling a well as part of the South Sunshine joint venture and the timing of further well testing by the operator of the Llanos 21 Block in Colombia.

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.

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

  • Amarok Energy Inc.
    Dale Swanson
    President & Chief Executive Officer
    (403) 695-3722

    Amarok Energy Inc.
    Tim de Freitas
    Director
    (403) 984-1756