CALGARY, ALBERTA–(Marketwired – July 5, 2013) – Atikwa Resources Inc. (“Atikwa” or the “Company”) (TSX VENTURE:ATK). is pleased to announce that Deloitte LLP (“AJM Deloitte”), an independent engineering and geological consulting firm and a qualified reserves evaluator, has provided Atikwa with an independent NI 51-101 Compliant Reserve Evaluation with an effective date of February 28, 2013 prepared in accordance with the COGE handbook. Net asset value (per share), NPV, future net revenue, do not necessarily represent fair market value. These filings are available for review under the Company’s SEDAR profile at www.sedar.com. Sean Kehoe, President and CEO of Atikwa, commented “This Reserve Evaluation once again demonstrates the underlying value that we have created with the discovery of our light oil assets in Manitoba and Saskatchewan. The task at hand now is to try to find a way to get that oil flowing, that is what the market wants and the only way that we are going to be able to fully realize the current and future value of these assets.”
A summary is included in the tables below: ATK has approximately 286,700,000 issued Shares
Proved and Probable Reserves – as at 28 FEB 2013
|Proved + Probable (2P)
|Proved + Probable (2P)
|Corporate Total||1,674.2||2,555.5||$11,462,000||$25,907,400 *|
*The Corporate totals include subtractions for taxes, abandonments and other adjustments.
- Proved plus Probable reserve valuation at NPV 10 is $25,907,400. Shares outstanding at the end of the year are 286,784,582. This represents a net asset value of approximately 9.0 cents per share.
- Proved plus Probable reserves increased to 2,555.5 MBOE from the previous year of 1,620.6 MBOE representing a 66% increase in reserve BOE volumes.
- The engineered valuation above does not include any land value associated with the Windfall, Porcupine Hills, or certain Pierson assets.
- Atikwa has identified 50 gross (29.5 net) undeveloped locations in Manitoba.
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.
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.
President & CEO