Your Solid Business PartnerArcan Resources Ltd. is a high-growth junior producer with a balanced portfolio of assets located in the Deer Mountain, McLeod and Hamburg areas. The Company achieved a public listing through the RTO amalgamation of Desco Energy Ltd. and Arcan Resources Ltd. Arcan began trading on the TSX Venture exchange under the symbol “ARN” on January 09, 2007.
Corporate Highlights
- 140+ net sections of undeveloped lands in the Beaverhill lake formation in the Swan Hills reef complex;
- Arcan\\\'s two oil properties Swan Hills and Hamburg are operated, under waterflood and produce light sweet oil (40º+ API);
- Arcan\\\'s first horizontal wells completed with a multi-stage frac in our Swan Hills play started at over 500-600 barrels per day;
- Arcan has drilled or is currently drilling 9 more horizontal wells which will all be completed and on production in Q2 or Q3;
- Through careful preparation and execution, Arcan already has over 15 additional locations in the drill ready stage; and
- Arcan estimates it has a significant drilling inventory of over 220 horizontal locations in the Swan Hills play.
2009 Highlights
- Net asset value $3.08 per diluted share (P+P 10%) of which only 22 cents is land and seismic;
- Year end 2009 reserves exclude the results of the new horizontal wells and are only on approximately 8 net sections of land out of the 60 net sections of Swan Hills lands that Arcan held at year end 2009 (Arcan now holds over 150 gross (140 net) sections of land on the Swan Hills reef after the Acqusition);
- Production of 1,375 boe/d;
- 19 year reserve life;
- P+P reserves of 9.4 Mboe, 76% proved and 89% light oil;
- P+P FD&A cost of $14.29 per boe;
- Operating netback of $24.10 per boe;
- Recycle ratio of 1.7 times; and
- Spud our first horizontal well in the Swan Hills.
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