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ARKXF acquired. Holders of Artek Shares received for each Artek Share, 0.34 of a common share of Kelt (“Kelt Share”).
FINRA deleted symbol:
http://otce.finra.org/DLDeletions
REPORTS SIGNIFICANT 2011 RESERVES GROWTH AND PROVIDES OPERATIONAL UPDATE CALGARY, ALBERTA – March 6, 2012
http://www.istockanalyst.com/business/news/5712424/artek-exploration-ltd-reports-significant-2011-reserves-growth-and-provides-operational-update
Artek Exploration Ltd. Announces 2012 Capital Program and Continued Liquids Focus
CALGARY, ALBERTA--(Marketwire - Jan. 23, 2012) - Artek Exploration Ltd. ("Artek" or the "Company") (TSX:RTK) Artek exited 2011 at a record production level based on field estimates of 3,436 boe/d (45% oil and natural gas liquids). After giving effect to the divestiture of 218 boe/d earlier this month, the Company was producing 3,218 boe/d (40% oil and natural gas liquids) which was still in excess of its 2011 exit guidance. On the back of this success, Artek is pleased to announce its 2012 capital expenditure budget of $45 to $49 million which contemplates the drilling of approximately 14 to 15 gross (9 to 10 net) wells. The capital program will be weighted 100% to projects targeting oil and condensate, with associated natural gas. The program includes approximately 7 gross (4.2 net) horizontal wells targeting condensate in the Doig at Inga and Fireweed where its first five horizontal wells tested at an average rate of over 2,000 boe/d (approximately 60% condensate), up to 4 gross (4.0 net) horizontal wells targeting crude oil in the Triassic of the Peace River Arch area and 3 to 4 gross (1.2 to 1.6 net) vertical wells on Artek's Glauconite crude oil property at Leduc Woodbend. The program reflects approximately 90% operational capital investment and 10% for land and seismic.
Assuming the full capital program is carried out as presently contemplated, Artek forecasts to exit the year producing approximately 4,000 to 4,200 boe/d with a 2012 average of approximately 3,400 to 3,500 boe/d, of which approximately 40% is forecast to comprise crude oil and natural gas liquids. After the divestiture of 218 boe/d, this would represent approximately 45% growth on a year over year average production basis based on the Company's internal estimates for 2011. Based upon the planned program, assuming 2012 commodity prices of $3.00/GJ AECO for natural gas and $90 to $95/bbl WTI (US$) for crude oil, the Company forecasts to generate approximately $31 to $32 million of cash flow ($0.71 to $0.74 per basic share) and exit the year with a debt to cash flow ratio of approximately 1.2 times. Management will continue to monitor commodity prices and will consider restricting production from dry natural gas wells that are not contributing significantly to cash flow.
The Company maintains financial flexibility and a strong balance sheet with a $60 million operating line of credit plus a $10 million development line as compared to Artek's current estimate of net debt of $28 to $30 million. The Company's estimated run-rate Debt to Cash Flow ratio is approximately 1.1 to 1.2 times at current commodity prices so capital investment can be expanded as opportunities present themselves or commodity prices allow during the 2012 year.
ARTEK EXPLORATION LTD. ANNOUNCES STRATEGIC ASSET DIVESTITURE AND OPERATIONS UPDATE
January 4, 2012
CALGARY, ALBERTA – (Marketwire – January 4, 2012) - Artek Exploration Ltd. ("Artek" or the "Company") (TSX - RTK) is pleased to announce the divesture of a portion (1/3) of its non-operated oil and gas assets in the Leduc Woodbend area for gross cash consideration of $19.5 million to a private Alberta corporation. The effective date of the disposition is January 1, 2012.
The key attributes of the partial asset disposition are as follows:
• Production of approximately 218 boe/d (94% crude oil and liquids); • Reserves associated with the assets disposed of based on Artek’s independent reserves
evaluation prepared by Sproule and Associates Limited effective as at December 31, 2010 (the "Sproule Report") were 409 Mboe on a Total Proved basis and 634 Mboe on a Total Proved plus Probable basis (95% crude oil and liquids);
• Based on the Sproule Report, the net present value of disposed reserves discounted at 10%, before tax, on a Total Proved basis was $15.3 million and on a Total Proved plus Probable basis was $19.1 million.
In the short term, the proceeds will be used to reduce current bank debt and will significantly improve Artek’s balance sheet. Artek estimates its net debt on the closing date of the transaction to be approximately $28 million. After giving effect to the disposition, the Company’s operating credit facility has been maintained by its lenders at $60 million because of anticipated 2011 year-end reserves growth. Subsequent to the divestiture, Artek will be producing approximately 440 boe/d (94% crude oil and liquids) in the Leduc Woodbend area. This disposition provides Artek with increased financial flexibility to pursue the Company’s inventory of crude oil and liquids rich drilling projects in its core operated areas at Inga B.C. and in the Peace River Arch.
At Inga, the Company determined post clean-up of its initial test that it had not completed all the stages in one of its fourth quarter, common-pad horizontal wells that in November had tested 1,815 boe/d (1,033 bbls of condensate per day). As a result, Artek re-entered the horizontal well and was able to substantially complete the remaining stages in the well using a similar hydrocarbon fracture stimulation program. Subsequent to the recompletion, after an 8 day inline test the well was flowing at a restricted rate of approximately 3,420 boe/d at 975 psi of which 22.5% was load hydrocarbons, 4.4 mmcf/d formation gas and approximately 1,800 bbl/d condensate net of load, ranking it the Company’s best result to date in the area. Although delayed by the necessity of the recompletion, both of the November horizontal wells were on production at year-end.
Artek exited the year at approximately 3,400-3,500 boe/d based on field estimates of which approximately 45% was oil and NGL’s. After giving effect to the asset sale the Company enters the new year at approximately 3,180-3,280 boe/d which is in excess of its previously announced 2011 exit guidance. Artek anticipates releasing 2012 capital expenditure and production guidance in the next several weeks.
ARTEK EXPLORATION LTD. ANNOUNCES STRATEGIC ASSET DIVESTITURE AND OPERATIONS UPDATE
http://www.artekexploration.com/doc/pr/Artek12PR-Jan04.pdf
ARTEK EXPLORATION LTD. ANNOUNCES $8.0 MILLION BOUGHT DEAL PRIVATE PLACEMENT FINANCING
November 30, 2011
Calgary, Alberta
Artek Exploration Ltd. ("Artek" or the "Corporation") (RTK – TSX) is pleased to announce that it has entered into a private placement financing agreement, on a bought-deal basis, with a syndicate of underwriters led by National Bank Financial Inc. and including Cormark Securities Inc., FirstEnergy Capital Corp., Stifel Nicolaus Canada Inc. and Peters & Co. Limited pursuant to which the underwriters have agreed to purchase, 2,858,000 common shares on a flow-through basis ("Flow-Through Common Shares") at a price of $2.80 per Flow-Through Common Share for aggregate gross proceeds of approximately $8.0 million.
Proceeds of the offering will be used to incur eligible Canadian Exploration Expenses that will be renounced to subscribers effective on or before December 31, 2011.
The private placement is expected to close on or about December 15, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.
FOR FURTHER INFORMATION PLEASE CONTACT:
Darryl Metcalfe President and Chief Executive Officer (403) 296-4799
Darcy Anderson Vice President Finance and Chief Financial Officer (403) 296-4775
Artek Exploration Ltd. Provides Operations Update and Announces Further Success at Inga/Fireweed
CALGARY, ALBERTA – (Marketwire – April 5, 2011) – Artek Exploration Ltd. ("Artek" or the "Company") is pleased to provide the following operational update.
The Company has successfully drilled and completed its second horizontal Doig well (60% W.I.) in the Inga/Fireweed area of British Columbia to a total measured depth of approximately 3,100 metres (including approximately a 1,200 metre horizontal lateral). The well was successfully completed with a 12 stage fracture stimulation program using GasFrac’s propane frac technology. The final rate after a 43 hour clean-up, and a 27 hour flow test or 70 hour flow period was restricted at 5 mmcf/d (of which approximately 4 mmcf/d was formation gas) and approximately 1,400 bbl/d of condensate for a total rate of approximately 2,040 boe/d at a flowing pressure of 1,070 psi (7,373 kPag). The Company is satisfied with the initial test results and has released testers due to road and lease conditions. Further testing inline will be conducted after well-site equipping is finalized over the next few days. At the initial liquids ratio of over 200 bbls of condensate per mmcf of natural gas and an assumed oil price of $100/bbl Cdn wellhead and a natural gas price of $3.85/GJ Aeco, the Company anticipates initial operating netbacks from the well greater than $47/boe. In the immediate area, Artek holds interests in 16,780 gross (10,094 net) acres or approximately 25 gross (15 net) sections almost all of which it operates, and has an additional 3 sections under option through a farm-in commitment. The test results from the Company’s second well, which is a substantial step-out from existing well control, provides strong validation of the Company’s geological, geophysical and engineering model for the play and firmly establishes this new core area. Based on mapping, management estimates it has another 37 gross (20 net) horizontal Doig locations on Company or farm-in lands. The production volumes are processed at Artek’s operated facility at Inga. The Company plans to drill an additional three horizontal Doig wells at Inga through the remainder of 2011.
In the Sinclair area, the Company has decided to delay the completion of its second Montney horizontal well (50% W.I.) offsetting its 8 mmcf/d discovery well drilled in 2010. The well was drilled to a total measured depth of 4,400 metres and is currently awaiting a 14 stage fracture stimulation. Due to potential cost overruns as a result of break-up, the completion will be postponed until after break-up; expected to be late May to early June.
At Noel, British Columbia, Artek has completed and brought on stream an additional uphole zone in its deep Nikanassin exploration well drilled in early 2010 at a rate of approximately 1.2 mmscf/d. Artek has a 75% working interest in the zone.
Late in the first quarter, Artek spud a shallow horizontal well (100% W.I.) in the Peace River Arch area of Alberta that is targeting light oil and natural gas in the Triassic. The well reached a total measured depth of approximately 2,530 metres (with an approximately 1,125 meter lateral). The well is scheduled for completion over the next several days and if successful will be subject to 5% royalties as per the Alberta government’s horizontal drilling incentive program. The Company has several follow up prospects with the potential for oil in the Triassic that it believes can be accessed through horizontal drilling. In all, Artek has approximately 71 net sections of land in the greater north Peace River Arch area that has seen in excess of $90 million invested by industry at Crown land sales since the beginning of the year.
The Company is pleased with the early results achieved from its 2011 capital program which is largely focused on validating our liquids-rich gas and crude oil opportunities accumulated over the last two years to complement its deep natural gas inventory.
ADVISORIES
Forward Looking Statements: This press release contains forward-looking statements. Management's assessment of future plans and operations, production estimates, initial production rates, drilling plans, timing of drilling and tie-in of wells, anticipated netbacks, potential additional drilling locations at Inga/Fireweed, and productive capacity of new wells at Inga/Fireweed, may constitute forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties, some of which are beyond Artek’s control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, the inability to fully realize the benefits of the acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, the Company's actual results may differ materially from those expressed in, or implied by, the forward looking statements. Forward looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although Artek believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because the Company can give no assurance that such expectations will prove to be correct.
In addition to other factors and assumptions which may be identified in this document and other documents filed by the Company, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Artek operates; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; Artek's ability to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development or exploration; the timing and costs of pipeline, storage and facility construction and expansion; the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and Artek's ability to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or at the Company's website (www.artekexploration.com). Furthermore, the forward looking statements contained in this document are made as at the date of this document 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.
Netbacks: Operating Netbacks provided herein are calculated by subtracting royalties, operating costs and transportation costs from petroleum and natural gas sales calculated on a BOE basis.
Operating Netbacks do not have a standardized measure prescribed by Canadian General Accepted Accounting
Principles and therefore may not be comparable with the calculations of similar measures for other companies.
BOE Conversions: Barrel of oil equivalent ("BOE") amounts may be misleading, particularly if used in isolation. A BOE conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel. This conversion ratio of six thousand cubic feet of natural gas to one barrel is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Artek is a crude oil and natural gas exploration, development and production company headquartered in Calgary, Alberta, Canada. Artek's shares trade on the Toronto Stock Exchange under the symbol "RTK".
FOR FURTHER INFORMATION PLEASE CONTACT:
Darryl Metcalfe President and Chief Executive Officer Artek Exploration Ltd. (403) 296-4799
Darcy Anderson Vice President Finance and Chief Financial Officer Artek Exploration Ltd. (403) 296-4775
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
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