Arcan Resources Ltd. ("Arcan") (TSX VENTURE:ARN) announces that it has entered
into farm-out agreements with PetroBakken Energy Ltd. ("PetroBakken") whereby
PetroBakken will earn up to 21.5 (11.25 net) sections of land by drilling five
commitment wells and two option wells. Arcan has also been made aware that
PetroBakken has acquired a total of 16,605,900 common shares of Arcan through
market purchases, which represents approximately 17% of the total issued and
outstanding common shares of Arcan on a non-diluted basis. 

Management views the interest shown by PetroBakken in purchasing Arcan shares,
together with the farm-outs and other transactions relating to the Beaverhill
Lake light oil resource play announced in PetroBakken's news release issued on
December 3, 2012, as providing further evidence of the significant light oil
development potential in the Beaverhill Lake zone in the Swan Hills area. Arcan
does not plan to make any changes to its current operation or growth plans as a
result of PetroBakken's announcement.

Arcan's activities are focused on developing the large light oil resource in the
Swan Hills area. Over the last 18 months Arcan has transformed more than 60
square miles of undeveloped land into a large development inventory of
drill-ready locations within a proven oil reservoir. This development is now
supported by an infrastructure corridor consisting of roads, pipelines, and
facilities. Arcan's investment in key infrastructure has resulted in reduced
development capital requirements on a recently drilled well, declining operating
costs and significant response from an enhanced oil recovery program in the
early stages of the field production. 

In line with its strategic direction, Arcan plans to manage capital within its
existing cash flow stream for the first half of 2013 and to further reduce
operating costs as the benefits of completed infrastructure investments are
realized. Management continues to look strategically at all of Arcan's assets,
and will consider all opportunities for development and acceleration as they
arise. One avenue, farm-out agreements, provide for capital-efficient
development on areas of Arcan's land base that would not otherwise have been
developed in the near term. 

Arcan holds a multi-year inventory of low-risk drilling opportunities targeting
light sweet oil plays. The Corporation is planning further drilling focused on
higher impact production results and continued application of the waterflood
process on core properties. Arcan will continue to implement changes that
provide for a stable financial base, maximize shareholder value and provide
secure growth per share. 

About Arcan

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
''continue'', ''will'', ''project'', ''plans'', "provide" 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 following: Arcan's plans to bring its capital spending more in line with its
cash flow; Arcan's plans to further reduce operating costs; Arcan's expectations
regarding the benefits to be realized from infrastructure investments and the
completion of the same; Arcan's plans to consider all opportunities for
development and acceleration; Arcan's plans for further drilling activities; and
Arcan's plans to implement changes that will provide for a stable financial
base, the maximization of shareholder value and provide secure growth per share.

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 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; the continued availability of cash flow and/or debt and equity sources to
fund Arcan's capital and operating requirements as needed; Arcan's 2013 capital
budget and strategic business plans; 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

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: for reasons currently
unanticipated, Arcan's production rates may not increase in the manner currently
expected; the application and modification of horizontal, multi-stage fracture
technologies including the application of additional fracture stimulation stages
may not have the impact currently anticipated by Arcan; Arcan's capital spending
and operational plans for 2012 and 2013 as well as its plans to reduce operating
expenses may not be completed in the timelines anticipated or in the manner
anticipated and the execution of such plans and reductions may not have the
results currently anticipated by Arcan; the current drilling locations
identified by Arcan may prove to be unsuitable or unavailable and drilling on
the locations identified may not occur; increased costs and expenses; should any
one of a number of issues arise, Arcan may find it necessary to alter its
current business strategy and/or capital expenditure program; 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, 2011, copies
of which are available on Arcan's SEDAR profile at

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.

Arcan Resources Ltd.
Douglas Penner
(403) 262-0321

Arcan Resources Ltd.
Suite 2200, 500 - 4th Avenue S.W.
Calgary, AB T2P 2V6

Gráfico Histórico do Ativo
De Nov 2023 até Dez 2023 Click aqui para mais gráficos .
Gráfico Histórico do Ativo
De Dez 2022 até Dez 2023 Click aqui para mais gráficos .