Atikwa Resources Inc.

Atikwa Resources Inc.

September 04, 2012 12:53 ET

Atikwa Announces Strategic Alternatives Initiative

CALGARY, ALBERTA--(Marketwire - Sept. 4, 2012) - Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the "Company") wishes to announce that it has retained CB Securities Inc. to assist the Company in identifying and evaluating all strategic alternatives available to the Company to enhancing shareholder value. The Company believes that the current trading price of its shares does not reflect the underlying value of the Company's assets. This review of strategic alternatives will include the consideration of a number of transactions, such as the sale of some or all of the Company's assets, a merger, recapitalization, or corporate sale of the entire Company. The expected time frame to complete the evaluation process is approximately four to five weeks. CB Securities Inc. has extensive experience in divestitures, mergers and acquisitions in the Canadian oil and gas industry. The Company has already entered into confidentiality agreements with a number of interested third parties.

Parallel to this strategy Atikwa intends to continue to execute on its current development program, which includes the drilling of at least two additional wells on its properties in Manitoba and potentially one in Saskatchewan before the end of the year. Atikwa is a junior oil company based in Calgary, Alberta with properties located in Alberta, Saskatchewan and Manitoba.

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 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.

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