VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 01/31/12 — Arctic Hunter Energy Inc. (TSX VENTURE: AHU) (the “Company”) is pleased to announce that the Company has participated in successfully drilling, completing, and brought onto production another well situated on its Landrose property in west central Saskatchewan in the Company–s core heavy oil operating area. 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 the 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, and is now on production and is the third successful well brought onto production by the Company at Landrose which now accounts for 100% of the Company–s heavy oil revenue and production.
ABOUT ARCTIC HUNTER
The Company is 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.
Certain statements contained in this Press Release constitute forward-looking statements. These statements relate to future events or the Company–s future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These 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 statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this Press Release should not be unduly relied upon. These statements speak only as of the date of this Press Release or as of the date specified in the Report, as the case may be.
Forward-looking statements are included throughout this Press Release. In particular, this Press Release contain forward-looking statements pertaining to the following:
With respect to forward-looking statements contained in the Press Release and the Report certain assumptions have been made including:
The Company–s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below:
These factors should not be considered 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