Arcan Announces Operations Update and Resignation
15 Enero 2014 - 9:54PM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA
Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") announces
production has been fully restored following two separate third party pipeline
outages during December 2013 and January 2014. Arcan has also completed drilling
two of the four wells in its winter drilling program and anticipates all four
wells will be drilled during its winter program and be on-stream prior to spring
break-up.
Arcan also announces the resignation of Thanos Natras as VP Exploration, to take
effect on or before January 29, 2014. Arcan thanks Mr. Natras for his work on
behalf of the Corporation and wishes him the best in his future endeavors.
About Arcan Resources Ltd.
Arcan Resources Ltd. is an Alberta, Canada corporation that is principally
engaged in the exploration, development and acquisition of petroleum and natural
gas located in Canada's Western Sedimentary Basin.
Forward-Looking Information and Statements
This press release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"anticipates", ''will'', and similar expressions are intended to identify
forward-looking information or statements. In particular, but without limiting
the foregoing, this press release contains forward-looking information and
statements pertaining to, among other things, the timing of well drilling
completion and operation.
The forward-looking information and statements contained in this press release
reflect several material factors and expectations and assumptions of Arcan
including, without limitation: that Arcan will continue to conduct its
operations in a manner consistent with past operations; the lack of any adverse
weather conditions; the lack of significant changes in capital markets or
commodity prices; the accuracy of current horizontal production data, historical
well production and waterflood results; the general continuance of current or,
where applicable, assumed industry conditions; continuity of reservoir
conditions across Arcan's Swan Hills land base and its Ethel oil pool;
availability of debt and/or equity sources to fund Arcan's capital and operating
requirements as needed; the continuance of existing and, in certain
circumstances, proposed tax and royalty regimes; the accuracy of the estimates
of Arcan's reserve volumes; and certain commodity price and other cost
assumptions and estimates.
Arcan believes the material factors, expectations and assumptions reflected in
the forward-looking information and statements are reasonable at this time but
no assurance can be given that these factors, expectations and assumptions will
prove to be correct. The forward-looking information and statements included in
this press release are not guarantees of future performance and should not be
unduly relied upon. Such information and 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 information
or statements including, without limitation: Arcan's capital spending and
operational plans for the remainder of 2013 and 2014 may not be completed in the
timelines anticipated, in the manner anticipated or at all and the execution of
such plans may be negatively affected further; changes in tax or environmental
laws or royalty rates; increased debt levels or debt service requirements;
inaccurate estimation of Arcan's oil and gas reserves volumes; limited,
unfavourable or no access to debt or equity capital markets; increased costs and
expenses; the impact of competitors; changes in commodity prices; reliance on
industry partners; and certain other risks detailed from time to time in Arcan's
public disclosure documents including, without limitation, those risks
identified in this press release, and in Arcan's annual information form for the
year ended December 31, 2012, copies of which are available on Arcan's SEDAR
profile at www.sedar.com.
The forward-looking information and statements contained in this press release
speak only as of the date of this press release and Arcan does not assume any
obligation to publicly update or revise them to reflect new events or
circumstances, except as may be required pursuant to applicable laws.
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 release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Terry McCoy
Chief Executive Officer
tmccoy@arcanres.com
Doug Penner
President
dpenner@arcanres.com
Arcan Resources Ltd.
Suite 2200, 500 - 4th Avenue S.W.
Calgary, AB T2P 2V6
Telephone (403) 262-0321
(TSXV:ARN)
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