Atikwa Resources Inc.
TSX VENTURE : ATK

March 22, 2010 08:00 ET

Atikwa Announces Bakken Success

CALGARY, ALBERTA--(Marketwire - March 22, 2010) - Atikwa Resources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) is pleased to announce the following operational results on the drilling and completion of the Company's two light oil resource plays in South East Saskatchewan and South Western Manitoba.

The Atikwa Roncott 7-27-5-25 W2M development well was successfully drilled and cased for the Bakken formation in February, 2010. On March 7th the Company completed and fracture stimulated the Bakken formation to determine production characteristics. Initial test results have established that the formation appears to be capable of production at or exceeding the Company's original expectations. Accordingly the well has now been equipped for production with artificial lift and well site production facilities. The well began production on March 18th. The production results will be monitored through break up to enable Atikwa to determine potential follow up horizontal drilling locations in the section and adjoining lands available to the Company.

After the completion of the 7-27 well the Company moved operations back up to the Readlyn 4-19-8-26 W2M exploration well, which was successfully drilled and cased to the Duperow formation in February, 2010. Subsequent to the drilling of the well, the Company performed core evaluations, followed by logging and drill stem testing. Upon returning to perform completions on the well on March 10th the Company perfed and tested in the Birdbear zone. The Birdbear zone lies beneath the Bakken and due to its inherent permeability does not require fracing. Evaluation of the zone showed that the well would not be capable of commercial production from this zone. The Company encountered approximately nine meters of Bakken formation in the wellbore however after preliminary evaluations and core comparisons with the 7-27 well, the decision was made to focus on follow up development wells around Roncott or further earning wells on the balance of the exploration block at this time. The Company earned three sections of land on the exploration block and the right to drill the 7-27 well offsetting the existing producing Roncott pool as a result of the operation. The well has been suspended until after breakup pending further evaluation of the data and additional up hole zones of interest.

The Company also reports that it has received a drilling license and has now spudded its first horizontal well in Southern Manitoba at 4-24-2-29W1. In spite of unseasonably warm weather, and the start of spring road-bans, the Company was able to move a drilling rig to the wellsite and stockpile sufficient equipment and materials, to commence the drilling of an unlined, Alida horizontal well. The drilling rig will be used to complete and production test the well, for a period of time over break up, or until all storage tanks on the lease are full of fluid. By deciding to drill through the road-bans season and store the rig at our location over break up, the Company will be able to evaluate the production potential from the new well, in addition to having a rig ready to go after break up so that the Company can continue its horizontal drilling program at other Manitoba locations. Drilling and production results will be included in future Atikwa announcements.

Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding reservoirs, resources and reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Company are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Neither the 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

  • Atikwa Resources Inc.
    Sean Kehoe
    President and CEO
    (403) 233-6073