Atikwa Resources Inc.

Atikwa Resources Inc.

January 30, 2012 20:01 ET

Atikwa Resources Inc.: Manitoba Spearfish Well Flows at 267 Barrels Per Day

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2012) - Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the "Company") is pleased to report that it's 7-34 well is flowing at initial rates of production of 267 barrels per day of fluid, with an oil cut of 50%, which translates into over 133 barrels of oil per day. The Company expects that the oil cut will continue to increase over the next week or so as the water based fracing fluid is recovered and replaced with oil. In addition to the 7-34 well, the Company's 13-23 well has just gone on production and the final well in the program, the 0-26 well, is awaiting the installation of a pump jack.

The Company now has 8 Spearfish wells in the area, 5.3 net and expects to exit this round of drilling with net oil production of over 400 barrels per day. Assuming a drilling density of four wells per quarter section, the Company has 21 (net) additional locations in the area for future infill drilling.

This news release contains forward‐looking statements relating to the Company's plans, proposed exploration and development activities, our drilling prospect inventory 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 drilling and completion activities, production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. 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