CALGARY, Jan. 15, 2018 /CNW/ – Ikkuma Resources Corp. (TSXV: IKM) (“Ikkuma or the Corporation”) is pleased to announce that John Van de Pol has joined the Corporation’s executive team as Senior Vice President and Chief Financial Officer, commencing January 15, 2018. John is a well-known professional amongst Calgary’s energy companies and brings a wealth of experience to the team. During the transition period, Kim Benders acted as Interim CFO and Ikkuma wishes to thank Ms. Benders for her extra effort on behalf of Ikkuma during the fourth quarter. Ms. Benders remains on the executive team as Corporate Controller following John’s appointment.
As a result of the recently completed transformational foothills acquisition, Ikkuma’s production has tripled from 5,707 BOE/d (97% natural gas, 3% oil & liquids) in the third quarter of 2017 to an estimate of 18,000-19,500 BOE/d (97% natural gas, 3% oil & liquids) for the first quarter of 2018.
Ikkuma plans to build a portfolio of energy derivatives and has commenced a forward sell of 33% of its sulphur in the form of costless collars at $US60 – $US100/tonne for 2018. Other derivatives are contemplated. The Ikkuma team continues to focus on operating cost reductions and field optimization. In addition, several non-core asset divestitures are anticipated in 2018.
Current proforma reserves following the foothills acquisition, based on 2016YE include 48,738 MBoe (PDP) and 69,202 MBoe (TPP) (97% natural gas and 3% oil & liquids). Acquisition metrics, as previously disclosed in Ikkuma’s press release dated November 23, 2017, were $2,144/BOE/d and $0.85/PDP BOE, not considering the proceeds from the $20 million infrastructure disposition.
The extensive infrastructure included among the newly acquired foothills assets will be used to access the numerous oil and liquids rich gas bypass opportunities included therein. The Ikkuma team is excited about the near-term recompletion, optimization, and drilling opportunities and plans to manage capital spending to preserve Ikkuma’s strong balance sheet position.
About Ikkuma Resources Corp.
Ikkuma Resources Corp. is a diversified junior public oil and gas company listed on the TSX Venture Exchange under the symbol “IKM”, with holdings in both conventional and unconventional projects in Western Canada. The technical team has worked together for over a decade in the Foothills Region of Western Canada. The unique skills and repeat success at exploiting a complex, potentially prolific play type are fundamental ingredients for a successful growth-oriented company in Western Canada. Corporate information can be found at: www.ikkumarescorp.com.