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amarok energy inc (AMR) Details

Amarok Energy Inc., a junior oil and gas company, engages in the exploration, development, and production of petroleum and natural gas in North America and Colombia. It holds interests in leases covering an area of approximately 6,234 net and gross acres in Montana; and interest in the Llanos 21 block in Colombia. The company was formerly known as Drako Capital Corp. and changed its name to Amarok Energy Inc. in August 2012. Amarok Energy Inc. is headquartered in Calgary, Canada.

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amarok energy inc (AMR) Key Developments

Amarok Energy Inc. Updates on Wyoming Operations

Amarok Energy Inc. provided an update on its current operations in Wyoming. After conducting further due diligence and after further communications with the operator of the Lake Creek 21 well (the LC21 Well), the company has determined that the LC21 Well is currently producing from both the upper and lower Tensleep Zones, both of which were activated during the previously announced completion of that well. There are no additional zones being evaluated for production from the LC21 Well. The operator is reviewing the potential use of an electrical submersible pump in order to improve the production level of the LC21 Well. The Lake Creek 22A well which also targeted the Tensleep formation, was swabbed for a period of 29.5 hours over a 5 day completion operation. The total amount of oil recovered was 6.3 barrels (3.2 net) which equates to a 5.1 bbls/day rate (2.6 net). The total amount of water recovered was 712 barrels (356 net). The Zimmerman Butte 6 well which was recompleted in the Phosphoria formation, was swabbed for a period of 22.5 hours over a 3 day recompletion operation. The total amount of oil recovered was 2.0 barrels (1.0 net) which equates to a 2.0 bbls/day rate (1.0 net). The total amount of water recovered was 454 barrels (227 net).

Amarok Energy Inc. Provides an Update on Current Operations and Strategic Direction

Amarok Energy Inc. provide an update on its current operations and strategic direction. Amarok recently drilled 2 wells (1.0 net) and recompleted 1 well (0.5 net) in Wyoming. The first well drilled was the Lake Creek 21 well. The total estimated cost of the well based on the AFEs from the operator is USD 1.23 million (USD 620,000 net). The well was on production as of January 20, 2014. Based on preliminary field estimates provided by the operator, the Lake Creek 21 well had initial production of approximately 50 bbls of oil per day and has produced at a rate of 39 bbls/d (19.0 net) of 27° API asphaltic sour crude at a 20% oil cut, over the first 20 days. The production is coming from the upper Tensleep Zones using a conventional pumping unit. The operator is reviewing the possibility of increasing production from the well through the activation of a lower Tensleep zone, as well as switching to an electric submersible pump. The second well drilled was the Lake Creek 22A well. The total estimated cost of the well based on the AFEs from the operator is USD 1.66 million (USD 830,000 net), which also includes a side tracking operation. The recompletion operation was completed on the Zimmerman Butte 6 well. The total estimated cost of the operation based on the AFE from the operator is USD 354,500 (USD 177,250 net). Completion reports for the Lake Creek 22A and the Zimmerman Butte 6 wells are being reviewed by Amarok at this time and the test results will be publicly released in the near future, once analyzed. The operator expects these wells to be on production in March 2014, subject to power being installed on location. The total net production to the Corporation from its Wyoming assets averaged approximately 39 bbls/d in January 2014 and is currently approximately 45 bbls/d at a 1% level oil cut based on February 7, 2014 field estimates provided by the operator. The foregoing does not include any production from the Lake Creek 22A well and the Zimmerman Butte 6 well. The production levels are expected to vary significantly over the next few months as wells are shut in for testing and placing the new wells on full production. The Corporation previously announced that it planned to drill a well in Montana, USA in early first quarter 2014 whereby Amarok would earn a 50% working interest in approximately 37,000 gross acres (18,500 net). The Corporation determined not to commence drilling the well by the January 31, 2014 deadline. Based on further technical review and a significant increase in estimated well costs, it was determined not to negotiate a further extension of the agreement to earn an interest in the property. Amarok estimates that its current cash balance, net of currently anticipated capital commitments, is approximately USD 15.5 million. To date approximately USD 4.3 million has been allocated to Wyoming through Amarok's previously announced asset acquisition and recent drilling and recompletion operations as well as USD 1.6 million on other projects including the foregoing Montana farmin opportunity, due diligence operations in Belize, and land leases acquired in Montana.

Amarok Energy Inc. Announces Executive Changes

Amarok Energy Inc. announced that Mr. Dennis Nerland, Q.C., has been appointed as President and Chief Executive Officer of Amarok, on an interim basis, pending the completion of a search for a new CEO. Amarok's VP Finance and CFO, Mr. Murray Hinz, has advised that he will be resigning effective as of February 15, 2014.


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