Artisan Energy Announces a Joint Venture and Expanding Southern Alberta Lands Prospective for Bakken Oil Production
September 13, 2013 (Source: Marketwired) — Artisan Energy Corporation (“Artisan” or the “Corporation“) (TSX VENTURE:AEC) is pleased to announce that it has entered into a Joint Venture with a Calgary based intermediate oil producer to pursue and test opportunities on Southern Alberta lands prospective for Bakken oil production (the “Joint Venture”).
The Joint Venture area encompasses approximately 65,000 acres of prospective crown lands. Terms of the Joint Venture allow for Artisan to participate with a 30% working interest in future land acquisitions and joint activities including but not limited to the deepening of existing wellbores for the purpose of testing the Bakken. Pursuant to the Joint Venture, Artisan acquired 830 net acres of crown land at the September 11, 2013 sale.
In addition to the Joint Venture, Artisan drilled a 100% WI Southern Alberta Bakken vertical test well in June to earn lands and evaluate an eastern extension to an intermediate producer’s Ferguson oil pool. The Corporation was encouraged with the results and knowledge gained from this vertical test well, however further development will require additional financing and expending capital to drill horizontal wells.
Activities targeting the Bakken formation are in addition to Artisan’s plans to develop its existing Sawtooth oil potential in Southern Alberta. Artisan now has a total of 8,480 (7,014 net) acres prospective for oil in Southern Alberta.
Artisan is an emerging oil and gas producer that holds near a 100% working interest in 27,787 core acres of land in Central and S.E. Alberta. Artisan has development oil projects at Ferrybank and Chip Lake, Alberta, from which it is producing 375 boe/d (70% light oil and NGLs) from its first four horizontal wells. Ferrybank is targeting Belly River oil production and Chip Lake is targeting Rock Creek oil production. Artisan also has a Sawtooth development oil project in S.E. Alberta, a Wilrich gas and Nordegg oil exploration project in Central Alberta and is pursuing and testing Bakken oil potential on various lands in S.E. Alberta, having drilled an initial vertical test well to the east of the Ferguson oil pool.
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This news release contains forward-looking statements and information (“forward-looking statements”) within the meaning of applicable securities laws relating to estimates of additional oil and gas production, anticipated timing and results from operational activities, the timing and occurrence of capital expenditure and plans for further development. Readers are cautioned to not place undue reliance on forward-looking statements. While Artisan believes the expectations reflected in the forward- looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements depending on, among other things, issues encountered in drilling, completion and tie-in operations, the amount and timing of capital expenditures and factors beyond Artisan’s control. The forward-looking information contained in this news release is made as at the date of this news release and Artisan 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. Readers are urged to consider these factors carefully in evaluating any forward-looking information.
Additional information on other factors that could affect Artisan’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).
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 news release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>