Arcan Resources Ltd.
TSX VENTURE : ARN

Arcan Resources Ltd.

February 16, 2009 15:34 ET

Arcan Announces ERCB Approval on its EOR Application for the Chinchaga GG Pool

CALGARY, ALBERTA--(Marketwire - Feb. 16, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Arcan Resources Ltd. ("Arcan" or the "Corporation") (TSX VENTURE:ARN) is pleased to announce that it has received approval from the Energy Resources Conservation Board on its application to expand the boundaries of the Enhanced Oil Recovery scheme in its Chinchaga Slave Point GG Oil Pool.

Maximum Rate Limitations (MRL's) have been lifted on those wells previously restricted within the pool and those wells are now on Good Production Practice (GPP). This ruling excludes the 14-7-96-9W6 well which will continue to produce under MRL. Arcan will convert the 13-17-96-9W6 oil producer to a water injector as per the requirements of the application and its approval.

Advisory Regarding Forward-Looking Statements

Certain information with respect to the Corporation contained herein, including its assessment of future plans and operations contain forward-looking statements. In some cases, forward-looking statements and information can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "proposed", "anticipates", "targets", "believes", "estimates", "continue", "designed", "objective", "potential" and similar expressions. In particular, this document contains forward-looking statements and information with respect to expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events and conditions. These forward-looking statements are based on assumptions and are subject to numerous risks and uncertainties, certain of which are beyond the Corporation's control. As a result, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur. In addition, the reader is cautioned that historical results are not necessarily indicative of future performance.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Arcan Resources Ltd.
    Ed Gilmet
    President and Chief Executive Officer
    (403) 262-0321
    Email: egilmet@arcanres.com
    or
    Arcan Resources Ltd.
    Douglas Penner
    Vice President, Finance and Chief Financial Officer
    (403) 262-0321
    (403) 262-4636 (FAX)
    Email: dpenner@arcanres.com