Artek Exploration Reports Significant 2010 Reserves Growth

- February 24th, 2011

Artek Exploration Ltd. (TSE:RTK) reports the results of the company’s independent reserve evaluation for the year 2010.

Artek Exploration Ltd. (TSX:RTK) reports the results of the company’s independent reserve evaluation for the year 2010.

The press release is quoted as saying:

Estimated capital expenditures including acquisitions, net of dispositions for the year ended December 31, 2010 were approximately $27.5 million. Increased proved plus probable reserve value by 3% to $181.8 million from $176.3 million at December 31, 2009 using a 10% discount factor, despite a decrease of 24% in the independent engineers’ forecast gas pricing in the near three year period. Artek’s net asset value per share at December 31, 2010 is estimated at $4.65 per diluted share. Operating bank line increased to $56 million plus the addition of a $10 million development line.

Click here to access the entire press release

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