In This Article:
Calgary, Alberta--(Newsfile Corp. - February 27, 2025) - Tuktu Resources Ltd. (TSXV: TUK) ("Tuktu" or the "Company") is pleased to provide an operational update on its current field operations.
Tuktu commenced drilling operations and spud its first horizontal well on February 2, 2025. Drilling was completed, and the rig was demobilized on February 21, 2025. This rig has been contracted by another area operator. Aggregate drilling costs are anticipated to be approximately $3.0 million.
Drilling operations went smoothly, despite very cold weather. The scheduled fracture stimulation has been delayed due to crew availability and is now expected to commence in mid-March. Potential road bans, due to the continued warm weather, could further delay the timing of the fracture stimulation program.
About Tuktu Resources Ltd.
Tuktu is a publicly traded junior oil and gas development company headquartered in Calgary, Alberta with producing oil and gas properties in southern Alberta. For additional information about Tuktu please contact:
Tuktu Resources Ltd.
1750, 444, 5th Avenue SW
Calgary, Alberta T2P 2T8
Attention: Tim de Freitas, President and Chief Executive Officer (phone: 403-478-0141);
Mark Smith, CFO and VP Finance (phone: 403-613-9661)
ADVISORIES
Forward-Looking Statements. Certain information contained in the press release may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities legislation that involve known and unknown risks, assumptions, uncertainties and other factors. Forward-Looking statements may be identified by words like "anticipates", "estimates", "expects", "indicates", "intends", "may", "could" "should", "would", "plans", "target", "scheduled", "projects", "outlook", "proposed", "potential", "will", "seek" and similar expressions (or variations or the negatives thereof). Forward-Looking statements in this press release include statements regarding, among other things: Tuktu's business, strategy, objectives, strengths and focus; the Company's expectations regarding production, well capability, efficiency and operations of the recently drilled horizontal well (including anticipated costs thereof); the Company's expectation's regarding the scheduled fracture stimulation in respect of it's recently drilled horizontal well and timing thereof; the Company's drilling plans and expectations; and the performance and other characteristics of the Company's properties and expected results from its assets. Such statements reflect the current views of management of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause results to differ materially from those expressed in the forward-looking statements. With respect to forward-looking statements contained in this press release, the Company has made assumptions regarding, among other things: well performance; future pricing; commodity prices; future exchange and interest rates; supply of and demand for commodities; inflation; the availability of capital on satisfactory terms; the availability and price of labour and materials; the impact of increasing competition; conditions in general economic and financial markets; access to capital; the receipt and timing of regulatory, exchange and other required approvals; the ability of the Company to implement its business strategies and complete future acquisitions; the Company's long term business strategy; and effects of regulation by governmental agencies.