Atikwa Resources Inc. report that it's 7-34 well is flowing at initial rates of production of 267 barrels per day of fluid, with an oil cut of 50%, which translates into over 133 barrels of oil per day. The Company expects that the oil cut will continue to increase over the next week or so as the water based fracing fluid is recovered and replaced with oil. In addition to the 7-34 well, the Company's 13-23 well has just gone on production and the final well in the program, the 0-26 well, is awaiting the installation of a pump jack.

The Company now has 8 Spearfish wells in the area, 5.3 net and expects to exit this round of drilling with net oil production of over 400 barrels per day. Assuming a drilling density of four wells per quarter section, the Company has 21 (net) additional locations in the area for future infill drilling.

Tags: Atikwa Resources