Vancouver, B.C. - Arctic Hunter Energy Inc. (TSX-V: AHU) (the“Company”) is pleased to announce that the Company has placed on production its recently drilled and completed well on the Company’s Landrose property in west central Saskatchewan in the Company’s core heavy oil operating area. Since being placed on production in late January 2012, the well has produced at an average rate of 50 bbls/d of heavy oil. 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 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.
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
The calculation of barrels of oil equivalent (“boe”) are based on a conversion rate of six thousand cubic feet (“mcf”) of natural gas to one barrel of crude oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is base on energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this Press Release and the Report 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.
Forward-looking statements are included throughout this Press Release and the Report. In particular, this Press Release and the Report contain forward-looking statements pertaining to the following:
The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below:
These factors should not be considered exhaustive. Statements relating to “reserves” or “resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future. The forward-looking statements contained in this Press Release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as required by securities laws.
All oil and gas information contained in this Press Release or the Report, has been prepared and presented in accordance with National Instrument 51-101. The actual oil and gas reserves and future production will be greater than or less than the estimates provided herein. The estimated value of future net revenue from the production of the disclosed oil and gas reserves does not represent the fair market value of these reserves. There is no assurance that the forecast prices and costs or other assumptions made in connection with the reserves disclosed herein will be attained and variances could be material. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of revenue and future net revenue for all properties, due to the effects of aggregation.
The Company cautions that the foregoing list of material factors is not exhaustive, is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company’s forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.