AEC Anfield Energy Inc

Artisan Energy Corporation ("Artisan" or the "Corporation") (TSX VENTURE:AEC)
announces the following updates to its farm-out of various exploration
operations announced on December 30, 2013:


Wilrich Sandstone Gas Test at Tomahawk Property, Central Alberta

Artisan has completed a fracture stimulation and flow test of the Wilrich
sandstone on its previously drilled vertical well at 1-20-52-7W5 (the "Wilrich
Test") and results have exceeded management's expectations. During 130 hours of
clean-up of the fracture stimulation, flow from the Wilrich Test increased to a
relatively stable rate of 30,500 cubic metres per day @ 1,325 kPag (1,080 mcf/d
@ 192 psig).


The Wilrich Test results validate the mapping and interpretation of a
substantial Wilrich sandstone gas pool which underlies the majority of Artisan's
12,160 gross acres (11,840 net acres) of land at its Tomahawk Property. In
addition, this vertical well location represents a conservative proxy for the
average reservoir thickness and quality in the identified Wilrich gas
accumulation on Artisan's Tomahawk Property.


Based on the Wilrich Test results Artisan now believes that development of the
Wilrich sandstone on its Tomahawk Property would be more economic than
previously anticipated in the current low gas price environment. The Wilrich
Test has resulted in new initial productivity expectations for a 1,400 metre
Wilrich horizontal well on the Tomahawk Property of 3 to 5 MMcf/d with 50 to 100
barrels per day of natural gas liquids, and an anticipated well cost of
approximately $2.5 million to drill, complete, equip and tie-in. Artisan's 100%
owned lands at its Tomahawk Property support in excess of 30 development drill
locations in the Wilrich sandstone.


The Wilrich Test was completed at no cost to Artisan. As previously announced,
the Farmee has earned a 60% working interest in the applicable section of land
(640 acres) on which the test was completed.


Test Well at Conrad Property, S.E. Alberta

Artisan has completed the drilling of a test well at 2-32-5-15W4 and is
currently plugging the well back and sidetracking the wellbore for use as a
future Sawtooth horizontal well (the "Conrad Test Well"). Artisan's management
is very encouraged by the sand quality, thickness and oil shows encountered in
the Sawtooth sandstone. Subject to funding Artisan intends to return to this
wellbore in the next few months and drill the developmental 400m to 500m
horizontal lateral in the Sawtooth. Artisan's 100% owned lands at its Conrad
Property support in excess of 10 development drill locations in the Sawtooth
sandstone.


The Conrad Test Well and evaluation of the zones of interest was completed at no
cost to Artisan. As previously announced, the Farmee has earned a 60% working
interest in the deep zone of interest on the applicable quarter section of land
(160 acres) on which the Conrad Test Well was drilled.


About Artisan

Artisan is an oil and gas producer that holds near a 100% working interest in
27,787 core acres of land in Central and S.E. Alberta. Artisan has development
oil projects at Chip Lake and Ferrbank, Central Alberta. Chip Lake is targeting
Rock Creek oil production and Ferrybank is targeting Belly River oil production.
Artisan also has a Sawtooth development oil project in S.E. Alberta, a Wilrich
gas and Nordegg oil exploration project in Central Alberta and is pursuing and
testing Bakken oil potential on various lands in S.E. Alberta, having drilled an
initial vertical test well to the east of the Ferguson oil pool.


Measurements

Reported production represents sales before the deduction of royalties. Where
amounts are expressed on a barrel of oil equivalent ("boe") basis, natural gas
has been converted at a ratio of six thousand cubic feet to one boe. This ratio
is based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. Boe's may
be misleading, particularly if used in isolation.


Advisory

This news release contains forward-looking statements and information
("forward-looking statements") within the meaning of applicable securities laws
relating to the estimates of additional oil and gas production, anticipated
timing and results from operational activities, the timing and occurrence of
capital expenditure and plans for further development. Readers are cautioned to
not place undue reliance on forward-looking statements. While Artisan believes
the expectations reflected in the forward-looking statements are reasonable,
actual results and developments may differ materially from those contemplated by
these statements depending on, among other things, issues encountered in
drilling, completion and tie-in operations, the amount and timing of capital
expenditures and factors beyond Artisan's control. The forward-looking
information contained in this news release is made as at the date of this news
release and Artisan does not undertake any obligation to update publicly or to
revise any of the included forward- looking statements, whether as a result of
new information, future events or otherwise, except as may be required by
applicable securities laws. Readers are urged to consider these factors
carefully in evaluating any forward-looking information.


Additional information on other factors that could affect Artisan's operations
and financial results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com).


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 news release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Artisan Energy Corporation
Rick Ironside
President & CEO
(403) 984-9275
Rironside@artisanenergy.ca


Artisan Energy Corporation
Rick Young
Vice-President Exploration & COO
(403) 984-9275
Ryoung@artisanenergy.ca
www.artisanenergy.ca

Anfield Energy (TSXV:AEC)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Anfield Energy (TSXV:AEC)
Historical Stock Chart
Von Jun 2023 bis Jun 2024