September 23, 2014 – VANCOUVER, BC – Arctic Hunter Energy Inc. (TSXV: AHU) (“Arctic Hunter”) or the “Company”) is pleased to provide the following update on the Company and its corporate activity during the past summer months. The Company was successful in drilling its new heavy oil well near Lloydminster, Alberta. The well was drilled on time and on budget. The well was drilled in August and the newly completed well can be viewed on the Company’s website. The well was successfully drilled and encountered oil in all zones of interest which included the General Petroleum, Sparky and McLaren formations. The well is currently producing from the Sparky formation and has been producing at an average rate of 50bbls/d (15bbls net) to the Company since being placed on production. The Company now has two wells on production increasing daily production revenues. In addition, the Company has taken additional steps to conserve cash by downsizing and moving its office facilities in Vancouver to be more cost effective and reducing overhead while new opportunities are being explored.
The management of the Company continues to review multiple potential large scale oil & gas drilling and exploration opportunities both domestically and in Central & South America, with a view to expand and complement its existing domestic heavy oil and gas production in Lloydminster, Alberta & Saskatchewan. The Company is encouraged by quality and size of the oil & gas exploration projects, but is being very thorough, discerning and highly selective in assessing any potential revenue producing resource, exploration and drilling opportunities. The Company continues to review and maintain its high standard of due diligence with regard to any new additional management and potential exploration datasets being presented to the Company. Updates will be provided as any additional details are finalized.
ABOUT ARCTIC HUNTER ENERGY
The Company is a Canadian heavy 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 that is focusing on growing its production base and maximizing future production through its exploration drilling activities, production acquisitions and strategic asset acquisition both domestically in the greater Lloydminster area of Alberta & Saskatchewan and in the international arena. The Company is continually reviewing future production and exploration opportunities through selective property acquisitions and identifying low risk exploration drilling activities.
The Company has experienced 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 both domestically and internationally.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Arctic Hunter Energy Inc.
Tel: (604) 681-3131