Atikwa Resources Inc.
TSX VENTURE : ATK

Atikwa Resources Inc.

October 26, 2011 18:56 ET

Atikwa Announces Operational Update at Porcupine Hills

CALGARY, ALBERTA--(Marketwire - Oct. 26, 2011) - Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the "Company) reports that it has concluded its current drilling operations at the Company's Porcupine Hills well in Alberta. Due to a series of mechanical and operational breakdowns on the part of third party equipment and service providers, the Company was not able to complete its original objective of drilling a horizontal well. The Company instead elected to penetrate the zone vertically in an effort to establish a stabilized rate and gain further information with regard to the nature of the reservoir. The Company has now begun to evaluate that test data and a selection of hydrocarbon samples extracted from the well bore during that operation.

This news release contains forward-looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, financial and operating results and business opportunities. Forward-looking statements typically use words such as "anticipate", "believe", "project", "expect", "plan", "intent" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Statements regarding reserves and resources are also forward-looking statements, as they reflect estimates as to the expectation that the deposits can be economically exploited in the future. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not unduly rely on forward-looking statements. The forward-looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The Company's Porcupine Hills property is currently classified as a contingent resource. Contingent resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from known accumulations but are not currently economic. Additional drilling, testing and development are required to confirm economic recovery of the resource is possible and to attribute reserves to the Porcupine Hills property.

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