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CALGARY, ALBERTA--(Marketwire - Dec. 7, 2012) - Atikwa Resources Inc. (News - Market indicators) ("Atikwa" or the "Company") As previously announced in September 2012, the board of directors of Atikwa Resources retained CB Securities to assist the Company in identifying and evaluating a number of strategic alternatives available to the Company to enhance shareholder value. Management believes that the current trading price of the Company's shares does not accurately reflect the underlying value of the Company's assets. Since the process began, Atikwa executed a comprehensive review process designed to look at all options to maximize value for shareholders. The Company, with the assistance of its outside financial advisor, undertook a comprehensive review, which considered a wide range of alternatives, including a potential sale of the Company. The Company's advisor contacted more than 300 potentially interested strategic industry and financial partners, including those which had expressed interest directly to the Company. The Company received a number of proposals and non-binding indications of interest, from which they have selected the most attractive options to pursue.
Although the Company has not entered into a definitive agreement in connection with any of the proposals received, it is continuing negotiations with a view to completing a transaction at some point in the near future.
We remain committed to executing our current business plan and are confident that we are taking the right steps to further strengthen the Company's balance sheet and participate in the present and potential future value or our portfolio of assets.
This news release contains forward‐looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, financial and operating results and business opportunities. Forward‐looking statements typically use words such as "anticipate", "believe", "project", "expect", "plan", "intent" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Statements regarding reserves are also forward‐looking statements, as they reflect estimates as to the expectation that the deposits can be economically exploited in the future. Although the Company believes that the expectations represented in such forward‐looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements and you should not unduly rely on forward‐looking statements. The forward‐looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.