OPERATIONS
In March 2013, Artisan drilled two horizontal Ferrybank Belly River oil wells, each with 1000m laterals. Operations to equip the wells with pumpjacks and tanks are underway, while completion (14 stage frac) operations are expected to occur after spring breakup.
The Corporation also completed the acquisition of the right of way to construct a 3km tie-in pipeline at Chip Lake, in March 2013. The pipeline will be used to tie-in Artisan’s 9-33-53-10W5 horizontal rock creek oil well. Construction of the pipeline is expected to take three weeks and will occur after spring breakup.
Artisan is also pleased to announce the appointment of Mr. Robin (Rob) McKechney, P. Eng. as Vice President, Operations. Mr. McKechney brings more than 20 years of oil and gas experience in executive and technical roles. He spent the last six years at Open Range Energy Corp. as Vice President of Operations and Engineering Manager, playing a key role in organically growing the company from 400 boe/d to 5,000 boe/d. Mr. McKechney holds a B. Sc. degree in Mechanical Engineering from the University of Saskatchewan.
For more information please visit www.artisanenergy.ca.
Measurements
Reported production represents Artisan’s ownership share of sales before the deduction of royalties. Where amounts are expressed on a barrel of oil equivalent (“boe”) basis, natural gas has been converted at a ratio of six thousand cubic feet to one boe. This ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe’s may be misleading, particularly if used in isolation. References to natural gas liquids (“liquids”) include condensate, propane, butane and ethane and one barrel of liquids is considered to be equivalent to one boe.
Advisory
This news release contains forward-looking statements and information (“forward-looking statements”) within the meaning of applicable securities laws relating to estimates of additional oil and gas production, anticipated timing and results from operational activities, the timing and occurrence of capital expenditure and plans for further development. Readers are cautioned to not place undue reliance on forward-looking statements. While Artisan believes the expectations reflected in the forward-looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements depending on, among other things, issues encountered in drilling, completion and tie-in operations, the amount and timing of capital expenditures and factors beyond Artisan’s control. The forward- looking information contained in this news release is made as at the date of this news release and Artisan 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. Readers are urged to consider these factors carefully in evaluating any forward-looking information.
Additional information on other factors that could affect Artisan’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).