ARCTIC HUNTER AMMENDS AGREEMENT WITH PETROCAPITA OIL & GAS LP TO DRILL FIRST HEAVY OIL WELL IN LLOYDMINSTER, ALBERTA
Release Date: May 29, 2014.
VANCOUVER, BC – Arctic Hunter Energy Inc. (TSXV: AHU) (“Arctic Hunter”) or the “Company”) announces that it has ammended it’s agreement with Petrocapita Oil & Gas LP, of Calgary, Alberta, (“Petrocapita”). Under the first well option agreement, Arctic Hunter has agreed to participate with Petrocapita (Farmor) in drilling one test well by July 1, 2014 subject to rig availability and surface access. 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 wells to earn a 30% net interest. Petrocapita will be the operator of the test well. Pending the successful drilling of the first well, the Company may seek to participate in additional heavy oil drilling opportunities and programs with Petrocapita in the greater Lloydminster region of Alberta & Saskatchewan in 2014.
The farmout test well which has been licensed, will be a vertical well and is slated for drilling on a location, situated 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 before July 1, 2014.
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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