CALGARY, ALBERTA -- (Marketwired) -- 07/17/13 -- Arsenal Energy Inc. ("Arsenal") (TSX: AEI) (PINKSHEETS: AEYIF) is pleased to announce the successful drilling and completion of two Bakken wells at Stanley, North Dakota. Both wells were fracture stimulated over the two mile horizontal wellbore section. The John Paul 11-2H produced 1,442 bbl oil during a 24 hour test period at a flowing pressure of 700 psi. The Ronald Carter 11-2H well flowed 1,211 bbl oil during a 24 hour test at a flowing pressure of 750 psi. The wells are both tied-in to Arsenal's facilities and currently on production. Arsenal is the operator of the wells with a 62% working interest.
The results from the John Paul and Ronald Carter are indicative of Stanley area type wells. Type wells average 630boe/d for the first month and 265boe/d for the first year. Type wells have approximately 500mbo of proven plus probable reserves.
Arsenal has 11,000 net mineral acres concentrated in three areas of North Dakota.
Certain statements and information contained in this press release, including but not limited to management's assessment of Arsenal's future plans and operations, production, reserves, revenue, commodity prices, operating and administrative expenditures, funds from operations, capital expenditure programs and debt levels contain forward-looking statements. All statements other than statements of historical fact may be forward looking statements. These statements, by their nature, are subject to numerous risks and uncertainties, some of which are beyond Arsenal's control including the effect of general economic conditions, industry conditions, changes in regulatory and taxation regimes, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling and processing problems, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel that may cause actual results or events to differ materially from those anticipated in the forward looking statements. Such forward-looking statements although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made and should not unduly be relied on. These statements speak only as of the date of this press release. Arsenal does not intend and does not assume any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Arsenal's business is subject to various risks that are discussed in its filings on the System for Electronic Document Analysis and Retrieval (SEDAR).
Arsenal Energy Inc.
Tony van Winkoop
President and Chief Executive Officer
Arsenal Energy Inc.
1900, 639 - 5th Avenue S.W
Calgary, Alberta, T2P 0M9
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