Atikwa Minerals Corporation

Atikwa Minerals Corporation

October 16, 2009 09:00 ET

Atikwa Minerals Corporation Reports Further Results of Recently Announced New Pool Well

CALGARY, ALBERTA--(Marketwire - Oct. 16, 2009) - Atikwa Minerals Corporation ("Atikwa" or the "Company") (TSX VENTURE:ATK) is pleased to announce further production history on it's recently announced new pool wildcat, liquids rich natural gas well, which during testing flowed at rates of up to 6.9 mmcf/day of raw gas (1150 boe/d), at a surface pressure of 620 psi, and recovered a total gas volume of 13 mmcf, over a period of 48 hrs.

The well began production on 01 SEPT 2009 and has been on production for over 30 days at a stabilized rate of 1.3 mmcf/d. The well is mechanically chocked back due to line pressures and facility constraints. The Company has investigated options for alternative tie in points, which would allow the company to increase the take away capacity, however considering the current price of natural gas and the additional cost of the alternative tie in point, management is of the opinion that it makes more sense to leave the majority of the gas in the ground and revisit the situation when market conditions improve. The well produces approximately 50 boe/d net to Atikwa at this time. CEO Sean Kehoe stated, "This is a great conventional vertical well that is highly economic even at lower natural gas prices, having said that, I don't think it makes a lot of sense to blow off our gas at these prices. We believe that natural gas prices will improve at which time we can look to increase production in the area through alternative facilities and other potential drilling locations." In addition the Company continues to evaluate prospects and anticipates announcing further opportunities to develop additional core areas based on the Company's focus of large oil in place and liquids rich natural gas resource plays.

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 Minerals Corporation
    Sean Kehoe
    President and CEO
    (403) 233-6073