Atikwa Minerals Corporation

Atikwa Minerals Corporation

June 26, 2009 09:00 ET

Atikwa Minerals Corporation Announces Management Restructuring

CALGARY, ALBERTA--(Marketwire - June 26, 2009) - Atikwa Minerals Corporation ("Atikwa" or the "Company") (TSX VENTURE:ATK) is pleased to announce that it has entered into an agreement ("Management Agreement") with Discovery Resource Management Ltd. ("DRM") whereby DRM will provide support for the Company in the areas of daily oil and gas operations, accounting, geology, engineering, strategic planning, finance and executive management in exchange for a gross overriding royalty interest of 5% on the Company's oil and gas production during the term of the Management Agreement. The Management Agreement has an initial term of three years and may be renewed for successive three year terms. The Company has no production at this time and no amount would be payable to DRM under the Management Agreement until the Company develops properties internally or acquires producing oil and gas properties.

The objective of the Management Agreement is to enhance Atikwa's existing management in order to provide a solid foundation for long-term growth. The compensation structure is designed to give the Company the necessary management expertise to capitalize on opportunities in the oil and gas sector, while preserving Atikwa's cash flow and minimizing dilution to existing shareholders. The Management Agreement and any resulting changes to the Company's management are subject to the approval of the TSX Venture Exchange. DRM is controlled by Mr. Sean Kehoe, who is currently the President and CEO of Atikwa.

Three of the key additions to Atikwa's management team through the Management Agreement are as follows:

Philip Collins P. Geol. Mr. Collins has over 23 years of diversified experience in the Western Canadian Sedimentary Basin ("WCSB") and international arena. He has taken his deep basin tight gas expertise in the WCSB and developed significant multi-formational discoveries over his career and has spent the last 14 years building "start-up" oil and gas ventures. Mr. Collins joined Corsair Exploration Inc. in August 1999 as Vice-President of Exploration and held that position until the company was sold in June 2002. Over a 30 month period Corsair grew from no production to 1,100 boed and established 5.4 million boe of new reserves. In September, 2002, Mr. Collins joined Meridian Energy Corporation as Vice-President, Exploration. A little over a year later he became President and Chief Operating Officer of Meridian and held that position until the company was sold in March of 2005. Over approximately 30 months, Meridian grew from "start up" status to a company with approximately 3,100 boed of production and established 7.3 million boe of proven plus probable reserves. In April, 2005 Mr. Collins started Cork Exploration Inc. and was President and Chief Executive Officer until July of 2007. Over approximately 24 months, Cork went from no production to approximately 3,500 boed and established 9.6 million boe of proven plus probable reserves. Prior to these three start up companies, Mr. Collins gained valuable experience as a Sr. Geologist at Alberta Energy Company, Pamplona Energy Limited (Manager Exploration), Stampeder Exploration Ltd. (Sr. Explorationist) and Big Bear Exploration Ltd. ( Vice-President Exploration). Mr. Collins has a B.Sc. in Geology from the University of Alberta (1986) and is a member of APEGGA and the CSPG.

Richard Wadsworth P. Eng. was a co-founder, President and Chief Operating Officer of Bankers Petroleum Ltd. from April 2004 to August 2008. Under his leadership the company grew to 6,000 bopd with proven plus probable reserves of over 100 million barrels, and a market capitalization of over $1bn (June 2008). Equity financings of $140mm were raised during his tenure enabling the company to develop the Patos Marinza oilfield in Albania, acquire and develop shale gas in the U.S., while keeping a strong balance sheet with low debt. The U.S. shale gas business unit was split from Bankers in June 2008 with an initial market capitalization of $150mm. Prior to his position with Bankers Mr. Wadsworth led and managed, on behalf of Premier Oil Plc, together with its three International E&P partners, a Joint Venture Company developing one of the largest onshore oilfield deposits in Europe. In his first ten years within the industry, Mr. Wadsworth held numerous management and operational roles with Koch Petroleum Canada helping develop over 40,000 boepd of production in numerous oil and gas fields. Mr. Wadsworth holds a Chemical Engineering degree from the University of Calgary, and is a registered Professional Engineer with APEGGA.

Chris Wallin, P. Eng. is a Professional Engineer with over 14 years of petroleum engineering experience across a wide variety of assets in the WCSB most recently as a Senior Development and Acquisition Evaluation engineer with a major Calgary-based energy trust. As an area team leader, Mr. Wallin was the manager of a $100MM profit centre, where his responsibilities included: recruiting and managing a high performance team of multidiscipline professionals and field operations staff, stewarding OPEX & CAPEX budgets, reserve management and HSE targets. While in this position, Mr. Wallin created long range strategic plans; from idea generation to technical and economic justification, through to project execution and operations, which included A&D evaluations, asset for equity swaps, SWOT analysis, competitor review, partner relations, entrance/exit strategy, land sales, staffing and resource forecasting. During his tenure, Mr. Wallin broadened his technical experience as a Sr. Development Engineer through assignments across many core assets in the Pembina / Joarcam, Alberta / Saskatchewan Border and South East Saskatchewan areas. He was responsible for long term development, exploitation and management of numerous oil and gas properties, including asset evaluations and acquisitions. His experience includes cold heavy oil production with sand, waterflood implementation and optimization, horizontal wells and wet Mannville CBM. Prior to joining the energy trust, Mr. Wallin gained valuable engineering experience in production, operations, exploitation and evaluations while holding senior engineering positions with several senior and medium-sized public energy companies. Mr. Wallin graduated from the University of Saskatchewan with a Bachelor of Science in Chemical Engineering in 1995.

With regard to these additions to Atikwa's management, Mr. Kehoe commented:

"We are very excited to bring to the Company an outstanding group of individuals with diverse professional backgrounds who have experience in starting and building significant growth companies in the oil and gas business. Now that we have our team in place, we are prepared to go forward and make Atikwa a successful mid tier oil and gas producer through exploration and development of our properties and/or acquisitions."

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 Minerals Corporation
    Mr. Sean Kehoe
    (403) 233-6092
    (403) 269-2686 (FAX)