Atikwa Resources Inc.
TSX VENTURE : ATK

Atikwa Resources Inc.

July 28, 2011 14:00 ET

Atikwa Resumes Manitoba Operations with the Fracing of 14-13 Well

CALGARY, ALBERTA--(Marketwire - July 28, 2011) - Atikwa Resources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) is pleased to report that it has restarted operations in Manitoba after a long wet spring. As previously reported; in March the Company secured all of the necessary services and equipment to allow for the 14-13 well to be drilled through the seasonal road ban period. The drilling of the horizontal well was successfully completed on March 30th, which has now allowed the Company to lead with a fracturing and completions operation coming out of the road ban period as opposed to competing for a drilling rig with other Companies in the area as they resume operations. Surface water on the Lease and access road was pumped off and the road and lease matted in-order to allow for the rig to be removed from the location and provide a stable dry lease for the fracing equipment. The rig has now been removed and the frac is scheduled for a window of time between July 31 and August 3rd. It is anticipated that the well should be put on production by mid August.

The 14-13 well is the first of a nine well horizontal drilling program (5 net) targeting the Spearfish formation that the Company has planned for the Pierson area of Manitoba over the balance of the year and the first quarter of 2012. The Company currently has an inventory of 38 (21.5 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. The Company is currently reviewing its well spacing plans with a view to increasing the density similar to the other programs in the area.

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