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TSX Venture Exchange: AFE
CALGARY, July 21 /CNW/ - Antler Creek Energy Corp. ("Antler Creek" or the "Company") is pleased to announce its capital and operating budget for 2010.
The Company anticipates a capital investment of approximately $17.5 million for the remainder of 2010. Approximately 94% ($16.4 million) of this amount will be spent on drilling and completions, with a further $1.1 million allocated to facilities and tie-in expenditures. The program will be funded entirely with available cash on hand. Based upon a capital budget of $17.5 million, Antler Creek is budgeting to exit 2010 with approximately $11 million in cash.
The budget includes plans for drilling and multi-stage fracture completion of up to 8.25 net wells targeting high quality light oil, including 6 net horizontal Slave Point wells on our Red Earth acreage and 2.25 net Bakken wells in southeast Saskatchewan.
Antler Creek expects to spud its first horizontal well in early August.
The information in this press release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antler Creek's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. Antler Creek's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Antler Creek will derive from them. Except as required by law, Antler Creek undertakes no obligation to publicly update or revise any forward-looking statements.
Barrels of Oil Equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6MCF:1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither the 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.
SOURCE ANTLER CREEK ENERGY CORP.
For further information: For further information: Antler Creek Energy Corp., Suite 500, 255 - 5th Avenue S.W., Calgary, Alberta, T2P 3G6; Wade Becker, President and CEO, firstname.lastname@example.org or Dan Toews, V.P. Finance & CFO, email@example.com, Tel: (403) 817-2550 or Fax: (403) 817-2599