Atikwa Resources Inc.
TSX VENTURE : ATK

March 23, 2011 12:28 ET

Atikwa Provides Operational Update in Manitoba

CALGARY, ALBERTA--(Marketwire - March 23, 2011) - Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the "Company) is pleased to report that it has successfully completed testing and has put on production its 11-26 horizontal well targeting Spearfish light oil in the Pierson area of south west Manitoba. Initial production over the first 10 days has averaged approximately 150 barrels of oil per day with diminishing water cuts as the fracturing fluid is recovered. The well shows strong inflow characteristics and management is confident that production can be additionally optimized.

The Company is also pleased to announce that it has spudded a third Spearfish light oil horizontal well at 14-13-02-29 W1M on March 20, 2011. All of the necessary services and equipment have been secured and spotted on site to allow for this well to be drilled through the upcoming seasonal road ban period. This will allow the Company to lead with a fracturing crew coming out of the road ban period as opposed to competing for a drilling rig as Companies in the area resume their drilling operations.

The 11-26 and 14-13 wells are the first two wells of a multi well program that the Company has planned for the area in 2011. The Company currently has an inventory of 20 net horizontal drilling locations in the area based on three wells per quarter section. Some companies in the area are planning infill drilling density of up to six wells per quarter section. Management is currently reviewing drilling density potential on Company lands and defining a full development plan to further optimize the field's potential.

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