VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/14/12 — Arctic Hunter Energy Inc. (TSX VENTURE: AHU) (the “Company”) is pleased to announce that the Company has placed on production its recently drilled and completed well on the Company–s Landrose property in west central Saskatchewan in the Company–s core heavy oil operating area. Since being placed on production in late January 2012, the well has produced at an average rate of 50 bbls/d of heavy oil. The Company had entered into a Sub-Participation Agreement with Alberta Star Development Corp. (“Alberta Star”) (NR: December 20, 2011) and under the terms of the agreement, Arctic Hunter agreed to participate with Alberta Star in the drilling of this test well. Alberta Star holds a 50% working interest in the new well. Under the terms of the Sub-Participation Agreement, Arctic Hunter must pay 50% of Alberta Star–s share of the costs, to drill, complete and equip the test well to earn a 25% working interest (being 50% of Alberta Star–s pre-participation 50% working interest) in the well. The well is located in Landrose, Saskatchewan on Section 6-50-26-W3M.
ABOUT ARCTIC HUNTER
The Company is a Canadian resource exploration and development Company that is involved in the acquisition, exploration and development of oil and gas properties in Western Canada and in North America. The Company is an Alberta based, junior heavy oil producer. The Company has a growing production base, and is maximizing future production through property acquisitions and its exploration drilling activities.
The Company maintains a strong balance sheet and has a qualified management team in field exploration, drilling and has the necessary manpower to develop, its natural resource and production properties. The Company is committed to creating long term shareholder value through the acquisition, exploration and development of petroleum and natural gas resources to increase its oil production and reserves through its exploration activities and strategic property acquisitions.
Reader Advisory
Certain information in this Press Release is forward-looking within the meaning of certain securities legislation, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company–s beliefs, plans, expectations, anticipations, estimates and intentions, including the licensing, completion and success of future drilling and development activities, the performance of existing wells, the performance of new wells, general economic conditions, availability of required equipment and services and prevailing commodity prices. The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this Press Release describes the Company–s expectations as of the date of this Press Release.
Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events, risks arising from operations generally, changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, commodity price and exchange rate fluctuations; reliance on contractual rights such as licenses and leases in the conduct of its business, reliance on third parties, reliance on key personnel, possible failure of the business model or business plan or the inability to implement the business model or business plan as planned, competition, environmental matters, and insurance or lack thereof and the other factors described under “Risk Factors” in the Company–s annual reports available in Canada at . Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The Company cautions that the foregoing list of material factors is not exhaustive, is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company–s forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Arctic Hunter Energy Inc.
Tim Coupland
President and CEO
(604) 681-3131
(604) 408-3884 (FAX)
Arctic Hunter Energy Inc.
Robert Hall
Director
(604) 488-0860