Atikwa Resources Inc.

Atikwa Resources Inc.

September 30, 2013 08:00 ET

Atikwa Resources Inc. Announces Strategic Focus on Spearfish Assets and Management Changes

CALGARY, ALBERTA--(Marketwired - Sept. 30, 2013) - Atikwa Resources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) is pleased to announce that under the new management team, led by newly appointed CEO Andrew Watts and CFO Garry Topolnitsky, several strategic initiatives are underway to develop Atikwa into a high netback quality light oil producer within key core operating areas supported by a newly created technical and operating team. Atikwa will be concentrating on developing its Pierson Manitoba light oil Spearfish assets and evaluating disposition of non-core assets. Net proceeds realized from the disposition of non-core assets will be utilized to pay down existing debt and fund a proposed 2014 drilling program.

As part of the ongoing strategic changes since the Company's annual and special meeting of shareholders on August 30th, Atikwa has brought in a new team to oversee the daily field operations of all Atikwa assets and is striving to be an industry leading low cost operator. The new technical team is developing a development drilling program in conjunction with evaluating potential Enhanced Oil Recovery (EOR) schemes to maximize light oil reserves capture on Atikwa assets. As part of the Company's shift in direction two of Atikwa's current directors, Paul Baay and Trevor Mitzel are stepping down due to other commitments, and to fill one of these vacancies, the remaining directors of Atikwa have appointed Mackenzie Loree, CEO and Chairman of Petrostar Petroleum Corp. Mr. Loree's appointment remains subject to the approval of the TSX Venture Exchange.

The new Atikwa team looks forward to maximizing shareholder value by efficiently and economically exploiting assets in the Spearfish core operating area while continually evaluating accretive light oil opportunities.

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.
    Andrew Watts