Vancouver, B.C. - Arctic Hunter Energy Inc. (TSX-V: AHU) (the“Company”) is pleased to announce that the Company has participated in successfully drilling, completing , and brought onto production another well situated on its Landrose property in west central Saskatchewan in the Company’s core heavy oil operating area. The Company had entered into a Sub-Participation Agreement with Alberta Star Development Corp. (“Alberta Star”) (NR: December 20, 2011) and under the terms of the agreement, Arctic Hunter agreed to participate with Alberta star in the drilling of this test well. Alberta Star holds a 50% working interest in the new well. Under the terms of the Sub-Participation Agreement, Arctic Hunter must pay 50% of the Alberta Star’s share of the costs, to drill, complete and equip the test well to earn a 25% working interest (being 50% of Alberta Star’s pre-participation 50% working interest) in the well. The well is located in Landrose, Saskatchewan on Section 6-50-26-W3M, and is now on production and is the third successful well brought onto production by the Company at Landrose which now accounts for 100% of the Company’s heavy oil revenue and production.
ABOUT ARCTIC HUNTER
The Company is Canadian resource exploration and development Company that is involved in the acquisition, exploration and development of oil and gas properties in Western Canada and in North America. The Company is an Alberta based, junior heavy oil producer. The Company has a growing production base, and is maximizing future production through property acquisitions and its exploration drilling activities.
The Company maintains a strong balance sheet and has a qualified management team in field exploration, drilling and has the necessary manpower to develop, its natural resource and production properties. The Company is committed to creating long term shareholder value through the acquisition, exploration and development of petroleum and natural gas resources 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 Fax: (604) 408-3884
Robert Hall, Director
Arctic Hunter Energy Inc.
Tel: (604) 488-0860
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Certain statements contained in this Press Release constitute forward-looking statements. These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this Press Release should not be unduly relied upon. These statements speak only as of the date of this Press Release or as of the date specified in the Report, as the case may be.
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