Artek Exploration Ltd. provides the following update.
As a result of its operational success in late 2014 including record production rates from Artek's fourth quarter Montney and Doig horizontals in its Inga/Fireweed area of operations and some of the highest IP60 rates for liquids seen in British Columbia this year, the Company is in a position to be conservative in its capital expenditure program through the first half of 2015.
Over the first 60 days of production, the Doig well at 5-28-87-23W6M (60% working interest) produced at a gross average rate of 1,689 boe/d (68% liquids) and the Doig well at 5-27-87-23W6M (60% working interest) produced at a gross average rate of 1,167 boe/d (71% liquids).
Over the first 54 days of production, the Montney well at A-6-A/94-A-13 (50% working interest) produced at a gross average rate of 856 boe/d (63% liquids). Due to the sharp decline in commodity prices in recent months, the Company's focus in early 2015 will be on managing its balance sheet through this low price cycle.