CALGARY, Aug. 2, 2012 /CNW/ - Invicta Energy Corp.("Invicta" or the "Company") (TSXV: VCA) is pleased to announce the
completion of its second quarter 6 (3.3net) horizontal light oil well
drilling program at Kindersley, Saskatchewan. Due to wet weather
conditions in the quarter four of these wells are still in initial flow
back, but at favorable rates. The first two wells of the program have
been producing for two months at an average rate of 45 and 75 Bbls/d,
respectively. Based on the initial production rates of the six wells,
Invicta expects these wells to outperform the Company's forecasted type
curve. Current net field production is estimated to be over 400 Boe/d
(85% light oil). As these wells stabilize they will be tied into the
Company's production facilities.
In addition, Invicta has added over 10 sections of 100% land through
crown land sales and acquisitions and now has 53,232 net acres of land
in Alberta and Saskatchewan. From this developing land base, Invicta
has the potential to develop a second core resource base to complement
its current development on lands in Kindersley, Saskatchewan.
Invicta is finalizing its second quarter financial results. The Company
will press release the second quarter in the third week of August in
conjunction with updated guidance and drilling plans for the remainder
of the year.
About the Company
Invicta is a Calgary based, emerging junior oil and gas company
exploring and developing light oil opportunities in Saskatchewan and
Alberta. The Company's current focus is the development of its Viking
resource play in Kindersley, Saskatchewan. Invicta's common shares
trade on the TSX Venture Exchange under the symbol VCA and the Company
has 75.6 million shares outstanding.
Cautionary Statements:
This press release contains certain forward-looking statements
(forecasts) under applicable securities laws relating to future events
or future performance. Forward-looking statements are necessarily based
upon assumptions and judgements with respect to the future including,
but not limited to, the outlook for commodity markets and capital
markets, the performance of producing wells and reservoirs, well
development and operating performance, general economic and business
conditions, weather, the regulatory and legal environment and other
risks associated with oil and gas operations. In some cases,
forward-looking statements can be identified by terminology such as
"may", "will", "should", "expect", "projects", "plans", "anticipates"
and similar expressions. These statements represent management's
expectations or beliefs concerning, among other things, future
operating results and various components thereof affecting the economic
performance of Invicta. Undue reliance should not be placed on these
forward-looking statements which are based upon management's
assumptions and are subject to known and unknown risks and
uncertainties, including the business risks discussed above, which may
cause actual performance and financial results in future periods to
differ materially from any projections of future performance or results
expressed or implied by such forward-looking statements. Accordingly,
readers are cautioned that events or circumstances could cause results
to differ materially from those predicted.
In the interest of providing Invicta shareholders and potential
investors with information regarding Invicta, including management's
assessment of future plans and operation, certain statements throughout
this press release constitute forward looking statements. All
forward-looking statements are based on Invicta's beliefs and
assumptions based on information available at the time the assumption
was made. The use of any of the words "anticipate", "continue",
"estimate", "expect", "may", "will", "project", "should", "believe" and
similar expressions are intended to identify forward looking
statements. By its nature, such forward-looking information involves
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 statements. Invicta believes the expectations
reflected in those forward looking statements are reasonable but no
assurance can be given that these expectations will prove to be correct
and such forward looking statements contained throughout this press
release should not be unduly relied upon. These statements speak only
as of the date specified in the statements.
In particular, this press release may contain forward looking statements
pertaining to the following:
- the performance characteristics of Invicta's oil and natural gas
properties;
- oil and natural gas production levels;
- capital expenditure programs;
- the quantity of Invicta's oil and natural gas reserves and anticipated
future cash flows from such reserves;
- projections of commodity prices and costs;
- supply and demand for oil and natural gas;
- expectations regarding the ability to raise capital and to continually
add to reserves through acquisitions and development; and
- treatment under governmental regulatory regimes.
Invicta's actual results could differ materially from those anticipated
in the forward looking statements contained throughout this press
release as a result of the material risk factors set forth below, and
elsewhere in this press release:
- 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 and exploration and
development programs;
- geological, technical, drilling and processing problems;
- fluctuations in foreign exchange or interest rates and stock market
volatility;
- failure to realize the anticipated benefits of acquisitions;
- general business and market conditions; and
- changes in income tax laws or changes in tax laws and incentive programs
relating to the oil and gas industry.
These factors should not be construed as exhaustive. Unless required by
law, Invicta does not undertake any obligation to publicly update or
revise any forward looking statements, whether as a result of new
information, future events or otherwise.
Barrels of oil equivalent (boe) may be misleading, particularly if used
in isolation. A boe conversion ratio of six thousand cubic feet (mcf)
of natural gas to one barrel (bbl) of oil is based on an energy
conversion method primarily applicable at the burner tip and is not
intended to represent a value equivalency at the wellhead. All boe
conversions in this press release are derived by converting natural gas
to oil in the ratio of six thousand cubic feet of natural gas to one
barrel of oil. Certain financial amounts are presented on a per boe
basis, such measurements may not be consistent with those used by other
companies.
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 Press
release.
SOURCE: Invicta Energy Corp.
<p> For further information please visit our website at <a href="http://www.invictaenergy.ca">www.invictaenergy.ca</a> or contact the following: </p> <p> Gordon Reese<br/> President & CEO<br/> (403) 265-8890 ext 1 </p> <p> or </p> <p> Carrie McLauchlin<br/> Vice President, Finance & CFO<br/> (403) 265-8890 ext 4 </p>