CALGARY,
Oct. 23, 2012 /CNW/ - Invicta Energy
Corp. ("Invicta" or the "Company") (TSXV: VCA) is pleased to
announce that it has completed drilling 10 gross (5.1 net) wells at
Kindersley, Saskatchewan (Lucky
Hills). During this program Invicta increased the total
number of drills to 10 from the previously announced 9 wells as a
result of available capital and approved well licenses. Completion
of these wells, including multi-staged fracturing, has commenced
and to date 4 of the wells have been completed and placed on
production. All ten wells are expected to be producing by the
end of November. The Company will be in a position to comment on
the production rates in November along with the financial results
for the third quarter. Invicta expects to release third
quarter 2012 operating and financial results on or before
November 23, 2012.
The Company is participating in the upcoming
SEPAC Oil & Gas Investor Showcase on November 21, 2012 at the Metropolitan Conference
Centre in Calgary, Alberta.
For more information visit the SEPAC website at www.sepac.ca.
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.