RTK-really good news and only 33 million shares outstanding. This is an easy double, and likely 4-5 bagger over time:
Jan 10, 2011 17:53 ET
Artek Provides Operations Update Including Exploration Success at Inga/Fireweed
CALGARY, ALBERTA--(Marketwire - Jan. 10, 2011) - Artek Exploration Ltd. (TSX:RTK) ("Artek" or the "Company") is pleased to provide the following operational update.
The Company has successfully drilled its first horizontal Doig well (60% W.I.) in the Inga/Fireweed area of British Columbia to a total measured depth of approximately 2,900 metres (including approximately a 1,100 metre horizontal lateral). The well was successfully completed with a 7 stage fracture stimulation program. After a 5 day clean-up, the well flowed on an in-line test over a 64 hour test period at an average restricted rate of approximately 4.7 mmcf/d and 1,100 bbl/d of condensate or 1,895 boe/d at an average flowing tubing pressure of 1,156 psi (7,965 KPa). The Company is satisfied with the positive results from the initial 7 stages of the planned 11 stage fracture stimulation program, although it may elect to stimulate additional stages in the future. At a liquids ratio of over 200 bbls of condensate per mmcf of natural gas and an assumed oil price of $83/bbl Cdn wellhead and a natural gas price of $3.85/GJ Aeco, the Company anticipates operating netbacks from the well of up to $41/boe. In the immediate area, Artek holds interests in 16,780 gross acres (10,094 net) or approximately 25 gross sections (15 net) and has an additional 3 sections tied up through a farm-in commitment. The test results from this well, in combination with its five vertical Doig producers, provides validation to the Company's geotechnical model and Artek plans the drilling of an additional two Doig wells after breakup. The volumes are being processed at its operated facility at Inga.
The operational success at Inga establishes a new core area for the Company that has scale and repeatability and where it has control of facilities and development.
Additionally, Artek has successfully drilled and cased a horizontal re-entry (85% W.I.) into a Paleozoic carbonate formation in the Peace River Arch area that is prospective for natural gas and liquids. The Company plans to complete the well using a 5 stage fracture stimulation program when services are available which is anticipated to be in early February.
On the Alberta/British Columbia border, Artek has spud its second Montney horizontal well (50% W.I.) in the Sinclair area where in late 2010 its first Montney well tested in excess of 8 mmcf/d. The well is anticipated to reach a total measured depth of approximately 4,300 metres in early February and plans are for a 12 to 16 stage fracture stimulation prior to spring break-up.
The Company is pleased with the results achieved from the ongoing execution of its strategic plan, namely, focusing the majority of its short term capital on liquids rich gas and oil opportunities in existing and potential new core areas while continuing to optimize the value of its deep gas assets for the long term.
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