In Tunisia, the Company intends to continue with the accelerated development and increase of the oil production from the BBT Concession along with shooting 3-D seismic and further exploration drilling on its one million acre Sud Remada permit.
Chinook exited 2012 stronger than the year began, notwithstanding the volatility affecting the Company's domestic assets due to falling commodity prices and the political uncertainty surrounding its international assets. Chinook's balance sheet is strong, its domestic assets continue to improve in quality and profitability and its Tunisian development continues to provide significant cash flow to the Company with many near term catalysts for growth planned to be tested in 2013.
Departure of Director
Due to the corporate governance policies of Chinook's major shareholder, Mr. John Brussa has decided not to stand for re-election in 2013 and leave the Chinook Board of Directors effective immediately. John has been a valuable contributor to Chinook and its predecessor, Storm Ventures International Inc., and on behalf of the Chinook Board we thank him for his significant efforts and contributions on behalf of all shareholders.
About Chinook Energy Inc.
Chinook is a Calgary-based public oil and gas exploration and development company that combines high quality natural gas-weighted assets in Western Canada with an exciting high growth oil business onshore and offshore Tunisia in North Africa.
In the interest of providing shareholders and potential investors with information regarding Chinook, including management's assessment of the future plans and operations of Chinook, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In addition, statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future. In particular, this news release contains, without limitation, forward-looking statements pertaining to: expectations of future plans regarding further Canadian non-core asset dispositions; the volume and product mix of Chinook's oil and natural gas production on certain newly drilled wells, and the anticipated production volumes therefrom; the use of funds from Chinook's international credit facility; the number of wells budgeted for drilling at certain of the Company's core areas (including Kaybob, Grande Prairie and Tunisia) as well as plans to make expenditures on other infrastructure projects in such areas; waterflood plans in the Company's Grand Prairie core area; plans for shooting seismic and other appraisal plans on the Company's prospects in Tunisia; future results from operations and operating metrics; and future development, exploration, acquisition and development activities (including drilling plans) and the timing thereof and related production expectations; expectations regarding future development on the Cosmos Concession and NZOG's retention of a working interest therein; as well as management's future expectations regarding production, cash flow, capital expenditures, net debt and credit facilities set out under the heading "Outlook".
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