All reserves information contained within this press release comes from our independent reserves report prepared by GLJ Petroleum Consultants Ltd. with an effective date of June 30, 2012. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.
Forward-Looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "estimates", ''expects'', ''will'', ''plans'' and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to, among other things, the following: anticipated average production for the second half of 2012; anticipated average production for 2013; anticipated timing of the fracture and completion of Arcan's recent wells; the expected use of proceeds from the disposition of the Swan Hills land; the 2013 capital expenditure program including drilling and expectations; anticipated operating costs for 2013; Arcan's expectations respecting its growth, activities and the deployment of capital throughout the remainder of 2012 and 2013; Arcan's strategic direction; Arcan's development and ability to implement and execute its 2013 business plans and strategic direction; Arcan's review of all aspects of assets, operations and governance; Arcan's consideration of development opportunities; the launch and contents of the Corporation's website; future growth including development, exploration, acquisition, construction and operational activities and related expenditures.
The forward-looking information and statements contained in this press release, including but not limited to the estimates of 2012 and 2013 annual production, reflect several material factors and expectations and assumptions of Arcan including, without limitation: that Arcan will continue to conduct its operations in a manner consistent with past operations; the lack of any adverse weather conditions; the lack of significant changes in capital markets or commodity prices; the accuracy of current horizontal production data, historical well production and waterflood results; the general continuance of current or, where applicable, assumed industry conditions; continuity of reservoir conditions across Arcan's Swan Hills land base and its Ethel oil pool; availability of debt and/or equity sources to fund Arcan's capital and operating requirements as needed; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; the accuracy of the estimates of Arcan's reserve volumes; and certain commodity price and other cost assumptions and estimates.
Arcan believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: for reasons currently unanticipated, Arcan's production rates may not reach the levels currently expected; the application and modification of horizontal, multi-stage fracture technologies may not have the impact currently anticipated by Arcan; the future drilling locations identified by Arcan may prove to be unsuitable or unavailable and drilling on the locations identified may not occur; water injection at additional sites in the Deer Mountain Unit #2 or in the Ethel field may not have the impact on production currently anticipated by Arcan; Arcan's capital spending and operational plans for 2013 may not be completed in the timelines anticipated, in the manner anticipated or at all and the execution of such plans may be negatively affected further; changes in tax or environmental laws or royalty rates; increased debt levels or debt service requirements; inaccurate estimation of Arcan's oil and gas reserves volumes; limited, unfavourable or no access to debt or equity capital markets; increased costs and expenses; the impact of competitors; changes in commodity prices; reliance on industry partners; and certain other risks detailed from time to time in Arcan's public disclosure documents including, without limitation, those risks identified in this press release, and in Arcan's annual information form for the year ended December 31, 2011, copies of which are available on Arcan's SEDAR profile at www.sedar.com.
The forward-looking information and statements contained in this press release speak only as of the date of this press release and Arcan does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
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 release.
Arcan Resources Ltd.
Chief Executive Officer
Arcan Resources Ltd.
Arcan Resources Ltd.
Suite 2200, 500 - 4th Avenue S.W.
Calgary, AB T2P 2V6
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