TRINIDAD DRILLING LTD. APPOINTED TO DRILL HEAVY OIL WELL IN LLOYDMINSTER, ALBERTA
Release Date: June 25, 2014.
VANCOUVER, BC – Arctic Hunter Energy Inc. (TSXV: AHU) (“Arctic Hunter”) or the “Company”) announces that Trinidad Drilling Ltd, of Calgary, Alberta, has been appointed to drill the one (1) test well by early July. The Company has secured Trinidad drill Rig #63 to perform the drilling of the new well. Under the amended well option agreement (May 29, 2014), Arctic Hunter has agreed to participate with Petrocapita (Farmor) in drilling the one (1) test well by July 2014. Under the agreement, Arctic Hunter (Farmee) must pay 50% of Petrocapita’s share of the cost to drill, complete and fully equip or abandon the test well to earn a 30% net interest. The farmout test well which has been licensed, will be a vertical well and it is expected to be spudded within in the next 10 days. Pending the success of the first heavy oil well, the Company may seek to participate in an additional heavy oil drilling programs with Petrocapita in the greater Lloydminster region of Alberta & Saskatchewan in 2014. Petrocapita will be the operator of the new test well.
The farmout test well is located near Lloydminster, Alberta. Drilling completion and equipping costs are expected to average $500,000 for the well ($250,000 net to Arctic Hunter). The Company will be targeting the McLaren, Sparky and General Petroleum formation zones and the well is expected to be spud in early July 2014 subject to dry weather.
ABOUT ARCTIC HUNTER ENERGY
The Company is a Canadian Oil & Gas exploration and development Company that acquires and finances the acquisition, exploration and development of oil and gas assets primarily in Western Canada. The Company is a junior heavy oil producer in the greater Lloydminster area of Alberta & Saskatchewan. The Company is constantly reviewing future production and exploration opportunities through selective property acquisitions and identifying low risk exploration drilling activities.
The Company has qualified management and an Oil & Gas team of professionals seasoned in field exploration and drilling. The Company has the resources and necessary manpower to develop its natural resource and production properties. The Company is committed to minimizing risk through the selective acquisition, exploration and development of petroleum and natural gas resource assets. The Company intends to increase its oil production and reserves through its exploration activities and strategic property acquisitions.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Arctic Hunter Energy Inc.
Tel: (604) 681-3131
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