VANCOUVER, BC – Arctic Hunter Energy Inc. (TSXV: AHU) (“Arctic Hunter”) or the “Company”) is pleased to announce that it has successfully placed on production its recently drilled and completed heavy oil well, situated near Lloydminster, Alberta. Since being placed on production, the well has produced at an average rate of 50 bbls/d (15 bbls net) to the Company. The Company successfully drilled and encountered oil in all zones of interest which included the General Petroleum, Sparky and McLaren formations. Arctic Hunter agreed to participate with Petrocapita (Farmor) in drilling the one (1) test well by July 2014. Under the agreement, Arctic Hunter (Farmee) paid 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 was surveyed and licensed, is a vertical well. Petrocapita is the operator of the newly drilled 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 successfully targeted three zones, the McLaren, Sparky and General Petroleum formation zones.
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