Energy Stocks; Atikwa (TSX VENTURE:ATK) Hits TD on Foothills Re-Entry
CALGARY, ALBERTA--(http://www.investorideas.com/ energy stocks blog ) - Sept. 23, 2010) - Atikwa Resources Inc. ("Atikwa" or the "Company") (TSX VENTURE:ATK) announces that it has reached total depth on its Porcupine Hills prospect, located in the foothills south of Calgary. The Company has set a bridge plug just below the zone of interest and is pleased to report that they have successfully pressure tested the casing and completed the well bore integrity logging. Due to a heavy snowfall in the area Tuesday night and generally very wet and muddy conditions, the perforation of the well will be delayed for a few days to allow some time for the road to dry up so that perforation equipment and production tubing can be moved in. The Company is currently in line for the next available time slot for fracing equipment, which is scheduled for the first week of October.
The target is a by-passed Cretaceous interval, located at around 3340 m depth. The well was originally drilled in 1981, with intermediate casing set at 3460 m, and a total drilling depth of 5135 m. When compared to analogous pools, the zone of interest could have an initial pressure of up to 5000 psi. The original well was targeting oil and was unsuccessful in the deeper zone.
The targeted by-passed pay opportunity was identified through extensive log, reservoir and rock property analysis of data that was available from the drilling of the first well. The Company's CEO Sean Kehoe stated; "We know we have about twenty feet of very porous permeable rock at the well bore. The mud logs from the original well show that when they drilled through our zone of interest they got a significant gas show. When one considers the thickness, porosity, permeability and estimated pressure of the zone at this depth it all points to a potentially significant flow rate with substantial liquids rich gas-in-place." The company will have an 87% working interest in the well when it is completed and will have a total of 3,890 net acres of land in the area to develop upon success.
The Foothills re-entry is one in a series of four large Original Oil in Place (OOIP) and Original Gas in Place (OGIP) resource plays.The other three programs include a Bakken light oil play in Saskatchewan, a Spearfish light oil play in Manitoba and a liquids rich natural gas play in the lower Mannville at Windfall, Alberta.
This news release contains forward‐looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, financial and operating results and business opportunities. Forward‐looking statements typically use words such as "anticipate", "believe", "project", "expect", "plan", "intent" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Statements regarding reserves are also forward‐looking statements, as they reflect estimates as to the expectation that the deposits can be economically exploited in the future. Although the Company believes that the expectations represented in such forward‐looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements and you should not unduly rely on forward‐looking statements. The forward‐looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf: 1 boe is based on an energy equivalency 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 that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The target is a by-passed Cretaceous interval, located at around 3340 m depth. The well was originally drilled in 1981, with intermediate casing set at 3460 m, and a total drilling depth of 5135 m. When compared to analogous pools, the zone of interest could have an initial pressure of up to 5000 psi. The original well was targeting oil and was unsuccessful in the deeper zone.
The targeted by-passed pay opportunity was identified through extensive log, reservoir and rock property analysis of data that was available from the drilling of the first well. The Company's CEO Sean Kehoe stated; "We know we have about twenty feet of very porous permeable rock at the well bore. The mud logs from the original well show that when they drilled through our zone of interest they got a significant gas show. When one considers the thickness, porosity, permeability and estimated pressure of the zone at this depth it all points to a potentially significant flow rate with substantial liquids rich gas-in-place." The company will have an 87% working interest in the well when it is completed and will have a total of 3,890 net acres of land in the area to develop upon success.
The Foothills re-entry is one in a series of four large Original Oil in Place (OOIP) and Original Gas in Place (OGIP) resource plays.The other three programs include a Bakken light oil play in Saskatchewan, a Spearfish light oil play in Manitoba and a liquids rich natural gas play in the lower Mannville at Windfall, Alberta.
This news release contains forward‐looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, financial and operating results and business opportunities. Forward‐looking statements typically use words such as "anticipate", "believe", "project", "expect", "plan", "intent" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Statements regarding reserves are also forward‐looking statements, as they reflect estimates as to the expectation that the deposits can be economically exploited in the future. Although the Company believes that the expectations represented in such forward‐looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements and you should not unduly rely on forward‐looking statements. The forward‐looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf: 1 boe is based on an energy equivalency 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 that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Atikwa Resources Inc.
Sean Kehoe
President and CEO
(403) 233-6073
Atikwa Resources Inc.
Sean Kehoe
President and CEO
(403) 233-6073
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