CALGARY, ALBERTA–(Marketwired – Jan. 15, 2014) – Arcan Resources Ltd. (TSX VENTURE:ARN) (“Arcan” or the “Corporation“) announces production has been fully restored following two separate third party pipeline outages during December 2013 and January 2014. Arcan has also completed drilling two of the four wells in its winter drilling program and anticipates all four wells will be drilled during its winter program and be on-stream prior to spring break-up.
Arcan also announces the resignation of Thanos Natras as VP Exploration, to take effect on or before January 29, 2014. Arcan thanks Mr. Natras for his work on behalf of the Corporation and wishes him the best in his future endeavors.
About Arcan Resources Ltd.
Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in Canada’s Western Sedimentary Basin.
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “anticipates”, ”will”, and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to, among other things, the timing of well drilling completion and operation.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Arcan including, without limitation: that Arcan will continue to conduct its operations in a manner consistent with past operations; the lack of any adverse weather conditions; the lack of significant changes in capital markets or commodity prices; the accuracy of current horizontal production data, historical well production and waterflood results; the general continuance of current or, where applicable, assumed industry conditions; continuity of reservoir conditions across Arcan’s Swan Hills land base and its Ethel oil pool; availability of debt and/or equity sources to fund Arcan’s capital and operating requirements as needed; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; the accuracy of the estimates of Arcan’s reserve volumes; and certain commodity price and other cost assumptions and estimates.
Arcan believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and 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 information or statements including, without limitation: Arcan’s capital spending and operational plans for the remainder of 2013 and 2014 may not be completed in the timelines anticipated, in the manner anticipated or at all and the execution of such plans may be negatively affected further; changes in tax or environmental laws or royalty rates; increased debt levels or debt service requirements; inaccurate estimation of Arcan’s oil and gas reserves volumes; limited, unfavourable or no access to debt or equity capital markets; increased costs and expenses; the impact of competitors; changes in commodity prices; reliance on industry partners; and certain other risks detailed from time to time in Arcan’s public disclosure documents including, without limitation, those risks identified in this press release, and in Arcan’s annual information form for the year ended December 31, 2012, copies of which are available on Arcan’s SEDAR profile at www.sedar.com.
The forward-looking information and statements contained in this press release speak only as of the date of this press release and Arcan does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Neither 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.
Chief Executive Officer
Arcan Resources Ltd.
Suite 2200, 500 – 4th Avenue S.W.
Calgary, AB T2P 2V6
Telephone (403) 262-0321