TSX Venture Exchange: IKM-V
CALGARY, April 3, 2018 /CNW/ - Ikkuma Resources Corp.
("Ikkuma" or the "Corporation") is pleased to
announce its 2017 year-end reserves and other news.
2017 Reserve Highlights
- Increased Proved Developed Producing ("PDP") reserves by 316%
to 56.8 MMBOE at December 31, 2017
from 13.6 MMBOE at December 31,
2016;
- Increased PDP net present value to $301
million ($2.75 per share) at
year-end 2017 at a 10% discount rate using a consensus price deck
from four independent qualified reserves evaluators from
$104 million ($1.10 per share) at year-end 2016;
- Increased Proved Developed ("PD") reserves by 366% to 74.0
MMBOE, Proved ("1P") reserves by 300% to 79.6 MMBOE and proved plus
probable ("2P") reserves by 287% to 106.6 MMBOE at December 31, 2017;
- Increased PD net present value to $361
million (2016 - $118 million),
1P net present value to $376 million
(2016 - $132 million) and 2P net
present value to $488 million (2016 -
$190 million);
- Generated a Finding, Development and Acquisition ("FD&A")
cost of $1.50/BOE on 2P reserve
additions and $1.99/BOE on 1P reserve
additions;
- Achieved a recycle ratio of 3.4 times on a 2P basis and 2.5
times on a 1P basis, including changes in Future Development
Capital ("FDC") and assumed decommissioning obligations on
acquisitions;
- Established conservative PDP reserve position that represents
53% of 2P reserves with an FDC requirement of $67 million on a 1P basis and $75 million on a 2P basis; and
- Reduced annual production decline rates on PDP reserves from
16% to 12%.
2017 Operating Results and Operations Update
- Increased fourth quarter 2017 average daily production by 23%
to 7,324 BOE/d compared to fourth quarter 2016 average daily
production of 5,967 BOE/d;
- Current average daily production is in excess of 19,000 BOE/d
based on field estimates, after closing the previously announced
acquisition of assets located in the Alberta Foothills as well as
in the British Columbia Deep Basin (the "Foothills Acquisition") on
December 21, 2017;
- Field optimization initiatives with minimal capital spending
since closing the Foothills Acquisition have provided both
production increases of more than 8% and an operating cost decrease
per BOE of approximately 10%;
- The Foothills Acquisition expanded the existing crude oil
development drilling inventory to more than 200 low-risk drilling
locations;
- Infrastructure working interest replacement value is estimated
at $0.6 billion that includes
approximately 500 kilometers of gas transmission lines;
- Undeveloped acreage represents 66% of the Corporation's 635,000
net acres of land;
- Operating initiatives for the remainder of 2018 will focus on
ongoing production and operating cost optimization, pursuing a
diversified marketing program in addition to the planned sale of
non-core assets; and
- Average 2018 daily production is expected to be in the range of
17,500 BOE/d to 18,500 BOE/d.
2017 Summary of Reserves
The detailed reserves data set forth below are based on an
independent reserves assessment and evaluation prepared by Deloitte
LLP ("Deloitte") with an effective date of December 31, 2017, which is contained in a report
dated April 2, 2018 (the "Deloitte
Report").
|
|
|
|
|
2017
YE(1)
|
2016
YE(2)
|
2017YE &
2016YE
Comparison
|
Reserves
Category
|
(MBOE)
|
NPV10%
($M)
|
(MBOE)
|
NPV10%
($M)
|
Increase in
Reserves (%)
|
Proved
|
|
|
|
|
|
|
Developed
Producing
|
56,809
|
$301,180
|
13,642
|
$103,551
|
316%
|
|
Total
Developed
|
73,968
|
$360,568
|
15,881
|
$117,998
|
366%
|
Total
Proved
|
79,634
|
$375,517
|
19,931
|
$131,759
|
300%
|
Total Proved plus
Probable
|
106,637
|
$488,162
|
27,539
|
$190,031
|
287%
|
|
|
Notes:
|
|
(1)
|
Deloitte Report
effective as of December 31, 2017.
|
(2)
|
Report prepared by
Sproule Associates Limited ("Sproule"), dated March 15, 2017
effective as of December 31, 2016.
|
Proved Developed Producing Reserves
During 2017, Ikkuma increased Proved Developed Producing
reserves by 316% to 56.8 MMBOE which represents 53% of Proved and
Probable reserves. At a 10% discount rate, using a consensus price
deck from four independent qualified reserves evaluators, the net
present value ("NPV 10") of Proved Developed Producing reserves
increased by 191% to $301 million, or
$2.75 per share, at year-end 2017
from $104 million, or $1.10 per share at year-end 2016. Deloitte
has estimated the annual production decline on Proved Developed
Producing reserves to be 12% as at December
31, 2017 compared to a previous annual production decline
rate estimate of 16% as at December 31,
2016.
Proved Developed Reserves
During 2017, Ikkuma increased Proved Developed reserves by 366%
to 74.0 MMBOE which represents 93% of Proved reserves. The NPV 10
of Proved Developed reserves more than tripled to $361 million, or $3.30 per share, at year-end 2017 compared to
$118 million at year-end
2016.
Proved Reserves
During 2017, Ikkuma increased Proved reserves by 300% to 79.6
MMBOE (74.0 MMBOE of Proved Developed reserves and 5.6 MMBOE of
Proved Undeveloped reserves) and the NPV 10 of Proved reserves
increased by 185% to $376 million, or
$3.43 per share. Proved reserve
additions and revisions replaced 2017 average daily production by
more than 26 times.
Proved and Probable Reserves
During 2017, Ikkuma increased Proved and Probable reserves by
287% to 106.6 MMBOE and the NPV 10 of Proved and Probable reserves
increased by 157% to $488 million, or
$4.46 per share.
Finding, Development & Acquisition Costs and Recycle
Ratios
In 2017, Ikkuma generated an FD&A cost of $1.50/BOE on Proved and Probable reserve
additions and $1.99/BOE on Proved
reserve additions. The FD&A calculations are based on
exploration and development capital expenditures, acquisition
costs, proceeds from dispositions within a reserve category,
including changes in future development capital and decommissioning
obligations assumed on the Foothills Acquisition divided by reserve
additions by reserve category.
The future development capital requirement as at December 31, 2017 was $75
million on a Proved and Probable reserve basis and
$67 million on a Proved reserve basis
as at December 31, 2016. The
decommissioning obligations assumed on the Foothills Acquisition
was estimated at $52 million as at
December 31, 2017.
In 2017, Ikkuma achieved a recycle ratio of 3.4 times on a
Proved and Probable basis and 2.5 times on a Proved basis on an
estimated operating netback of $5.07/BOE (unaudited).
Corporate Reserves
The detailed reserves data set forth below are based on the
Deloitte Report. The following presentation summarizes the
Corporation's crude oil, natural gas liquids and natural gas
reserves and the net present values before income tax of future net
revenue for the Corporation's reserves using forecast prices and
costs as set out in the Deloitte Report. The Deloitte Report
has been prepared in accordance with definitions, standards, and
procedures contained in the Canadian Oil and Gas Evaluation
Handbook and National Instrument 51-101 – Standards of
Disclosure for Oil and Gas Activities. The reserves evaluation
was based on the consensus forecast escalated pricing and foreign
exchange rates at December 31, 2017
("Consensus Price") as outlined in the table herein entitled "Price
Forecast". This Consensus Price forecast is the average of the
escalated price forecasts of four independent reserve evaluators,
namely Deloitte, GLJ Petroleum Consultants Ltd. ("GLJ"), McDaniel
& Associates Consultants Ltd ("McDaniel") and Sproule.
All evaluations and summaries of future net revenue are stated
prior to provision for interest, debt service charges or general
administrative expenses and after deduction of royalties, operating
costs, estimated well abandonment and reclamation costs and
estimated future capital expenditures. It should not be assumed
that the estimates of future net revenues presented in the tables
below represent the fair market value of reserves. There is no
assurance that the forecast prices and cost assumptions will be
attained and variances could be material. The recovery and reserve
estimates of Ikkuma's crude oil, natural gas liquids and natural
gas reserves provided herein are estimates only and there is no
guarantee that the estimated reserves will be recovered. Actual
crude oil, natural gas and natural gas liquids reserves may be
greater or less than the estimates provided herein. Reserves
included herein are stated on a company gross basis (working
interest before deduction of royalties without including any
royalty interests) unless noted otherwise. In addition to the
detailed information disclosed in this press release, more detailed
information will be included in the Corporation's Annual
Information Form ("AIF") which will be filed on the Corporation's
profile at www.sedar.com on or before April
30, 2018.
See "Forward Looking Information and Statements" for a statement
of principal assumptions and risks that may apply.
The preparation and audit of Ikkuma's 2017 annual financial
statements is not yet complete, and accordingly, all financial
amounts referred to in this press release are unaudited and
represent management's estimates. Readers are advised that these
financial estimates may be subject to change. Year-end financial
statements for 2017 are anticipated to be released on or about
April 25, 2018.
Corporate Reserves
|
|
|
|
|
|
Reserves
Category(1)
|
Light
and
Medium
Crude
Oil
|
Natural
Gas
Liquids
|
Sulphur
|
Non-
Associated
Gas(2)
|
Barrels of
Equivalent(3)
|
|
(Mbbl)
|
(Mbbl)
|
(MLt)
|
(Mmcf)
|
(Mbbl)
|
Proved
|
|
|
|
|
|
Proved Developed
Producing ("PDP")
|
606
|
1,051
|
1,333
|
330,908
|
56,809
|
Proved Developed
Non-producing ("PDNP")
|
86
|
31
|
78
|
102,258
|
17,160
|
Proved Developed
("PD")
|
692
|
1,082
|
1,411
|
433,166
|
73,968
|
Proved Undeveloped
("PUD")
|
326
|
22
|
37
|
31,902
|
5,666
|
Total proved
("1P")
|
1,018
|
1,104
|
1,448
|
465,069
|
79,634
|
Probable
|
654
|
392
|
408
|
155,745
|
27,003
|
Total proved plus
probable ("2P")
|
1,672
|
1,496
|
1,856
|
620,814
|
106,637
|
|
|
|
|
|
|
Notes:
|
|
(1)
|
Reserves have been
presented on a "gross" basis which is defined as Ikkuma's working
interest (operating and non-operating) share before deduction of
royalties and without including any royalty interest of the
Corporation.
|
(2)
|
Includes solution
gas.
|
(3)
|
Oil equivalent
amounts have been calculated using a conversion rate of six
thousand cubic feet of natural gas to one barrel of oil.
|
(4)
|
Columns may not add
due to rounding.
|
Reserve Values
The estimated before tax net present value ("NPV") of future net
revenue associated with Ikkuma's reserves effective December 31, 2017 and based on the Deloitte
Report and the Consensus Price forecast are summarized in the
following table:
|
|
|
|
|
|
Reserves
Category
|
0%
|
5%
|
10%
|
15%
|
20%
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
Proved
|
|
|
|
|
|
|
|
|
|
|
|
Developed
Producing
|
564,278
|
396,518
|
301,180
|
241,391
|
200,990
|
|
|
|
|
|
|
Developed
Non-Producing
|
135,627
|
86,876
|
59,389
|
42,557
|
31,574
|
|
|
|
|
|
|
Undeveloped
|
38,195
|
24,264
|
14,949
|
8,585
|
4,125
|
Total
Proved
|
738,100
|
507,658
|
375,517
|
292,533
|
236,689
|
|
|
|
|
|
|
Probable
|
379,605
|
188,565
|
112,645
|
75,673
|
54,929
|
Total proved plus
probable
|
1,117,704
|
696,223
|
488,162
|
368,206
|
291,619
|
|
|
Notes:
|
|
(1)
|
Based on Deloitte's
December 31, 2017 Consensus Price forecast.
|
(2)
|
The estimated future
net revenues are stated prior to provision for interest, debt
service charges or general and administrative expenses and after
deduction of royalties, operating costs, estimated well abandonment
and reclamation costs and estimated future capital
expenditures.
|
(3)
|
See the Corporation's
AIF, once filed, for the after-tax present values of future net
revenue attributed to Ikkuma's reserves.
|
(4)
|
Columns may not add
due to rounding.
|
Price Forecast
|
|
|
|
|
|
|
|
Year
|
Canadian
Light
Sweet
Crude(2)
40°
API
($C/Bbl)
|
Western
Canada
Select
20.5°
API
($C/Bbl)
|
Alberta
AECO-C
($C/Mcf)
(4)
|
Edmonton
Propane
($C/Bbl)
(3,5)
|
Edmonton
Butane
($C/Bbl) (3,5)
|
Edmonton
Pentanes
Plus
($C/Bbl) (3,5)
|
$US/$C
Exchange
Rate
|
|
|
|
|
|
|
|
|
2018
|
$67.80
|
$49.56
|
$2.39
|
$37.39
|
$55.63
|
$65.87
|
0.788
|
2019
|
$71.08
|
$55.17
|
$2.71
|
$37.96
|
$57.13
|
$67.86
|
0.800
|
2020
|
$73.52
|
$59.41
|
$3.14
|
$37.62
|
$58.99
|
$69.50
|
0.816
|
2021
|
$77.98
|
$63.47
|
$3.42
|
$39.43
|
$62.51
|
$72.99
|
0.834
|
2022
|
$81.64
|
$66.92
|
$3.62
|
$40.57
|
$65.80
|
$75.46
|
0.835
|
2023
|
$83.56
|
$68.65
|
$3.75
|
$41.13
|
$67.30
|
$77.25
|
0.845
|
2024
|
$85.74
|
$70.61
|
$3.90
|
$42.24
|
$69.02
|
$79.31
|
0.845
|
2025
|
$87.95
|
$72.58
|
$4.03
|
$43.36
|
$70.74
|
$81.37
|
0.845
|
2026
|
$89.99
|
$74.39
|
$4.14
|
$44.42
|
$72.34
|
$83.29
|
0.845
|
2027
|
$91.82
|
$75.94
|
$4.24
|
$45.35
|
$73.83
|
$84.98
|
0.845
|
2028
|
$93.65
|
$77.46
|
$4.33
|
$46.31
|
$75.29
|
$86.70
|
0.845
|
|
2029+ prices
escalate at 2.0% thereafter
|
|
|
Notes:
|
|
(1)
|
This Consensus Price
forecast is an average of four independent reserve evaluators'
forecasts at December 31, 2017 including Deloitte, GLJ, McDaniel
and Sproule.
|
(2)
|
Edmonton city gate
prices based on historical light oil par prices posted by the
government of Alberta and Net Energy differential futures (40 Deg.
API < 0.5% Sulphur).
|
(3)
|
Natural Gas Liquid
prices are forecasted at Edmonton therefore an additional
transportation cost must be included to plant gate sales
point.
|
(4)
|
1 Mcf is equivalent
to 1 MMbtu.
|
(5)
|
NGL prices have been
switched from a mix reference to a spec reference.
|
Reserves Reconciliation
TOTAL
PROVED
|
Light and
Medium
Crude Oil
(Mbbl)
|
Natural Gas
Liquids
(Mbbl)
|
Associated
and
Non-Associated Gas
(Mmcf)
|
Oil
Equivalent
(Mboe)
|
|
|
|
|
|
December 31,
2016
|
265
|
459
|
115,240
|
19,931
|
Product type
transfer
|
-
|
-
|
-
|
-
|
Extensions &
Improved Recovery
|
154
|
6
|
6,489
|
1,241
|
Infill
Drilling
|
-
|
-
|
-
|
-
|
Technical
Revisions
|
(59)
|
233
|
19,418
|
3,410
|
Acquisitions
|
684
|
481
|
344,394
|
58,564
|
Dispositions
|
-
|
-
|
-
|
-
|
Economic
factors
|
(5)
|
(29)
|
(6,924)
|
(1,189)
|
Production
|
(20)
|
(46)
|
(13,549)
|
(2,324)
|
December 31,
2017
|
1,018
|
1,104
|
465,069
|
79,634
|
TOTAL PROVED PLUS
PROBABLE
|
Light and
Medium
Crude Oil
(Mbbl)
|
Natural Gas
Liquids
(Mbbl)
|
Associated and
Non-Associated
Gas
(Mmcf)
|
Oil
Equivalent
(Mboe)
|
|
|
|
|
|
December 31,
2016
|
799
|
567
|
157,037
|
27,539
|
Product type
transfer
|
-
|
-
|
-
|
-
|
Extensions &
Improved Recovery
|
268
|
11
|
10,462
|
2,023
|
Infill
Drilling
|
-
|
-
|
-
|
-
|
Technical
Revisions
|
(250)
|
227
|
8,306
|
1,362
|
Acquisitions
|
876
|
759
|
462,293
|
78,684
|
Dispositions
|
-
|
-
|
-
|
-
|
Economic
factors
|
(2)
|
(22)
|
(3,734)
|
(646)
|
Production
|
(20)
|
(46)
|
(13,549)
|
(2,324)
|
December 31,
2017
|
1,672
|
1,496
|
620,814
|
106,637
|
|
|
Note:
|
|
(1)
|
Columns may not add
due to rounding.
|
2017 Operating Results and Operations Update
Production
Ikkuma's 2017 annual average increased to 6,366 BOE/d,
comparable to 6,310 BOE/d of 2016 annual average production
volumes. Fourth quarter 2017 average daily production increased by
23% to 7,324 BOE/d compared to fourth quarter 2016 average daily
production of 5,967 BOE/d.
Current average daily production, based on field estimates, is
in excess of 19,000 BOE/d after closing the Foothills Acquisition
on December 21, 2017.
Optimization
Successful field optimization initiatives with minimal capital
spending have been completed since closing the Foothills
Acquisition. During the last three months, field and office staff
have contributed to optimization efforts on the newly acquired
properties for production increases of more than 8% and an
operating cost decrease per BOE of not less than 10%. Ongoing
production and operating cost optimization will continue as Ikkuma
further integrates the acquired assets into its now substantially
larger production base.
Crude Oil Development Drilling Opportunities
The Foothills Acquisition expanded the existing crude oil
development drilling inventory to more than 200 low-risk locations
throughout the Alberta foothills
areas.
Market Diversification
With the significant production growth, in addition to an
ongoing hedging risk management program, Ikkuma is also pursuing a
diversified natural gas marketing program to reduce price risk
beyond AECO pricing. The Corporation has begun to build a
portfolio of energy derivatives and has forward sold 33% of its
expected sulphur production for 2018 in the form of costless
collars at $US60 - $US100/tonne. In addition, 17% of its expected
average daily natural gas production for 2018 has been hedged at an
average price of $2.55/GJ.
Non-Core Divestitures
To maintain its prudent financial strategy and to access the
significant inventory of drilling opportunities, particularly
focussed on an expanded crude oil development drilling inventory,
Ikkuma is actively planning to sell non-core assets in 2018.
Liquidity
As a result of the significant increase in all reserve
categories, particularly Proved Developed Producing reserves, as at
December 31, 2017, Ikkuma anticipates
an extension of its current Syndicated Credit Facility. A
review of the facility is anticipated to be completed by
April 25, 2018.
The Syndicated Credit Facility along with anticipated proceeds
from non-core asset dispositions is expected to provide the
necessary liquidity to fulfill Ikkuma's capital expenditure
requirements for 2018.
Given the current low natural gas price environment, financial
covenants with both the Corporation's bank syndicate and it's term
debtholder were amended prior to December
31, 2017 and Ikkuma is fully compliant with all covenants
associated with its current debt financing facilities
(unaudited).
Production
Guidance for 2018 average daily production is expected to be in
the range of 17,500 BOE/d to 18,500 BOE/d considering the impact of
production declines throughout the year. Production guidance
excludes potential non-core divestitures.
Capital Expenditures
The Corporation's capital expenditure program for 2018 will
focus on fulfilling a $12.5 million
obligation associated with the flow-through financing completed in
2017. The remainder of the capital expenditure program is
expected to be on necessary maintenance, equipping, tie-in and low
cost high-return optimization initiatives.
About Ikkuma Resources Corp.
Ikkuma Resources Corp. is a diversified growth-oriented public
oil and gas company listed on the TSX Venture Exchange under the
symbol "IKM", with holdings in both conventional and unconventional
projects in Western Canada. The Company is focused in the
Foothills Region of Western Canada
with a team that has extensive experience in the area with the
unique skills at successfully exploiting a complex and potentially
prolific play type. Corporate information can be found at:
www.ikkumarescorp.com.
Definitions
The reserves evaluations, effective December 31, 2017, were conducted by Deloitte,
the Corporation's independent reserves evaluators and are in
accordance with National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities. The reserves are
provided on a Gross basis in units of barrels of oil equivalent
using a forecast price deck, adjusted for quality, in Canadian
dollars. The estimated values may or may not represent the
fair market value of the reserve estimates.
"Gross" in relation to the Corporation's interest in
production or reserves is its working interest (operating or
non-operating) share before deduction of royalties and without
including any royalty interests of the Corporation;
"Net" in relation to the Corporation's interest in production
or reserves is its working interest (operating or non-operating)
share after deduction of royalty obligations, plus its royalty
interest in production or reserves;
"Proved reserves" are those reserves that can be estimated
with a high degree of certainty to be recoverable. It is
likely that the actual remaining quantities recovered will exceed
the estimated proved reserves;
"Probable reserves" are those additional reserves that are
less certain to be recovered than proved reserves. It is
equally likely that the actual remaining quantities recovered will
be greater or less than the sum of the estimated proved plus
probable reserves;
BOE Conversion - "BOE" barrel of oil equivalent is derived by
converting natural gas to oil in the ratio of 6 Mcf of natural gas
to one bbl of oil. A BOE conversion ratio of 6 Mcf to 1 bbl
is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. As the value ratio between
natural gas and crude oil based on the current prices of natural
gas and crude oil is significantly different from the energy
equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.
"Finding, Development and Acquisition Costs" are
calculated by dividing the total of the exploration and development
costs, the change during the most recent financial year in
estimated future development capital relating to either proved
reserves or probable reserves and the decommissioning obligations
assumed on the Foothills Acquisition by the additions to either
proved reserves or probable reserves during the most recent
financial year. Industry analysts and investors use such
metrics to measure a Corporation's ability to establish a long-term
trend of adding reserves at a reasonable cost. The aggregate of the
exploration and development costs incurred in the most recent
financial year and the change during that year in estimated future
development costs generally will not reflect total finding and
development costs related to reserve additions for that
year.
"Recycle ratios" are calculated by dividing the average
operating netback per barrel of oil equivalent by finding,
development and acquisition costs per barrel of oil equivalent.
Recycle ratios may be used as a measure of a company's
profitability.
Forward-Looking Statements and Information
This press release contains forward‑looking statements and
forward‑looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward‑looking
statements or information. In particular the press release
contains forward-looking statements and information relating to
Ikkuma's ongoing production and cost optimization efforts, its
pursuit of a diversified natural gas marketing program, its planned
sale of non-core assets in 2018, and anticipated extension of its
syndicated credit facility and the anticipated review thereof by
April 25, 2018, the anticipated
proceeds for and the expected focus of the Corporation's capital
expenditure program for 2018, Ikkuma's reserves and the net
present value information relating thereto and the net asset value
of the Corporation's shares. Although Ikkuma believes that the
expectations and assumptions on which the forward‑looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward‑looking statements and
information because Ikkuma cannot give any assurance that they will
prove to be correct. Since forward‑looking statements and
information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risk. These include but are
not limited to the risks associated with the oil and gas industry
in general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses; failure to obtain
necessary regulatory approvals for planned operations; health,
safety and environmental risks; uncertainties resulting from
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; volatility of
commodity prices, currency exchange rate fluctuations; imprecision
of reserve estimates; and competition from other explorers) as well
as general economic conditions, stock market volatility, and the
ability to access sufficient capital. We caution that the
foregoing list of risks and uncertainties is not exhaustive. The
recovery and reserve estimates contained in this press release are
estimates only and there is no guarantee that the estimated
reserves will be recovered.
In addition, the reader is cautioned that historical results
are not necessarily indicative of future performance. The
forward-looking statements and information contained in this press
release are made as of the date hereof and Ikkuma undertakes no
obligation to update publicly or revise any forward‑looking
statement or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Certain information set out herein may be considered as
"financial outlook" within the meaning of applicable securities
laws. The purpose of this financial outlook is to provide
readers with disclosure regarding Ikkuma's reasonable expectations
as to the anticipated results of its proposed business activities
for the periods indicated. Readers are cautioned that the
financial outlook may not be appropriate for other
purposes.
Neither 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.
SOURCE Ikkuma Resources Corp.