TSX Venture Exchange: IKM
CALGARY, March 2, 2016 /CNW/ - Ikkuma Resources Corp.
("Ikkuma" or the "Corporation") announces a
correction to its press release entitled "Ikkuma Resources
Announces 2015 Year-end Reserves" disseminated today at
5:00 a.m. ET regarding the
announcement of its 2015 year-end reserves.
The news release should have read that Ikkuma's recompletion
program accounted for $16.7 million
(instead of $21.4 million or 61%) of
total exploration and development expenditures and resulted in
adding 1,555 Mboe of PDP reserves and 2,274 Mboe of 2P reserves.
Capex included a 12 km pipeline build, which will be used for up to
six offset gas wells. A single offset PUD booked on one of the
recompletions has been assigned 1,546 Mboe of 2P reserves.
Reserves data provided above is based on an independent reserves
assessment and evaluation prepared by Sproule Associated Limited
with an effective date of December 31,
2015.
All other details of the original news release remain in
effect.
The recovery and reserve estimates of Ikkuma's crude oil,
natural gas liquids and natural gas reserves provided herein are
estimates only and there is no guarantee that the estimated
reserves will be recovered. Actual crude oil, natural gas and
natural gas liquids reserves may be greater or less than the
estimates provided herein. Reserves included herein are stated on a
company gross basis (working interest before deduction of royalties
without including any royalty interests) unless noted otherwise. In
addition to the detailed information disclosed in this press
release, more detailed information will be included in the
Corporation's Annual Information Form which will be filed on the
Corporation's profile at www.sedar.com on or before April 30, 2016.
The preparation and audit of Ikkuma's 2015 annual financial
statements is not yet complete, and accordingly all financial
amounts referred to in this press release are unaudited and
represent management's estimates. Readers are advised that these
financial estimates may be subject to change.
About Ikkuma Resources Corp.
Ikkuma Resources Corp. is a diversified junior public oil and
gas company listed on the TSX Venture Exchange under the symbol
"IKM", with holdings in both conventional and unconventional
projects in Western Canada. The
technical team has worked together for over a decade in the
Foothills Region of Western
Canada, through two successful, publicly traded companies.
The unique skills and repeat success at exploiting a complex,
potentially prolific play type are fundamental ingredients for a
successful growth-oriented company in Western Canada. Corporate information can be
found at: www.ikkumarescorp.com.
Forward-Looking Statements and Information and Cautionary
Statements
This press release contains forward looking statements and
forward looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward looking
statements or information. In particular the press release contains
forward-looking statements and information relating to the
continuation of recompletion operations in 2016, using its 12 km
pipeline for six offset gas wells. Although Ikkuma believes that
the expectations and assumptions on which the forward looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward looking statements and
information because Ikkuma cannot give any assurance that they will
prove to be correct. Since forward looking statements and
information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risk. These include but are not
limited to the risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses; failure to obtain
necessary regulatory approvals for planned operations; health,
safety and environmental risks; uncertainties resulting from
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; volatility of
commodity prices, currency exchange rate fluctuations; imprecision
of reserve estimates; and competition from other explorers) as well
as general economic conditions, stock market volatility, and the
ability to access sufficient capital. We caution that the foregoing
list of risks and uncertainties is not exhaustive. The recovery and
reserve estimates contained in this press release are estimates
only and there is no guarantee that the estimated reserves will be
recovered.
In addition, the reader is cautioned that historical results
are not necessarily indicative of future performance. The
forward-looking statements and information contained in this press
release are made as of the date hereof and Ikkuma undertakes no
obligation to update publicly or revise any forward looking
statement or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
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 release.
SOURCE Ikkuma Resources Corp.