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Strategies & Market Trends : Winter in the Great White North

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From: teevee	3/6/2014 1:50:09 AM
	of 8273

March 05, 2014 20:18 ET marketwired.com Artek Exploration Ltd. Reports Significant 2013 Reserves Growth CALGARY, ALBERTA--(Marketwired - March 5, 2014) - Artek Exploration Ltd. (TSX:RTK) of Calgary, Alberta ("Artek" or the "Company") is pleased to provide an operational update and announce the results of its independent reserve evaluation for the year ended December 31, 2013 (the "Sproule Report") as prepared by Sproule Associates Limited ("Sproule"). 2013 HIGHLIGHTS Increased Proved plus Probable reserves year over year by 43% to 42.5 million boe from 29.6 million boe and also increased Proved reserves by 25% to 21.4 million boe from 17.1 million boe. Increased Proved plus Probable Oil and NGLs reserves year over year by 48% to 10.8 million boe from 7.3 million boe and also increased Proved Oil and NGLs reserves by 24% to 5.6 million boe from 4.5 million boe. Oil and condensate comprise 60% of the oil and NGLs proved plus probable reserves. Achieved all in finding, development and acquisition (?FD&A?) costs of $14.84 per boe on Proved plus Probable reserves. Finding and development (?F&D?) costs including FDC but excluding acquisitions and dispositions were $15.68 per boe on a Proved plus Probable basis. Approximately $14.2 million or 14% of 2013 capital expenditures were invested in facility expansions or additions, undeveloped land and seismic. Increased Proved plus Probable reserve value year over year by 52% to $392.3 million from $257.4 million using a 10% discount factor before tax. Replaced 2013 production of 1,349.5 mboe by 10.6 times with Proved plus Probable reserve additions and 4.2 times with Proved reserve additions. Achieved a recycle ratio of 1.4 times based on Proved and Probable FD&A of $14.84 and Artek's estimated fourth quarter 2013 operating netback of $20.47 per boe but using the Company's estimated January and February 2014 operating netback of $30.70 per boe the recycle ratio would be 2.1 times. Specifically at Inga and Fireweed, proved plus probable reserves increased by 73% to 26.6 million boe as compared to the previous year and proved plus probable reserve value also increased 79% to $270.8 million using a 10% discount factor before tax. Estimated capital expenditures for the year ended December 31, 2013 were approximately $98.7 million, including $14.3 million for the Fireweed acquisition and approximately $4.4 million on undeveloped land acquisitions for new exploration plays in the Inga and Peace River Arch areas. Net asset value at December 31, 2013 increased 20% year over year to $5.43 per diluted share.

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