Artek Finalizes $15.5 Million Deal

Purchased assets in the core Inga/Fireweed area in northeastern B.C.

Artek Exploration Ltd. (TSX: RTK) announced Aug. 9 that it closed its $15.5 million asset acquisition with Fireweed, resulting in further strategic expansion of the company's core operating and producing area in northeastern British Columbia.

The closing of this transaction builds on the company's continuing aim to consolidate a significant resource base in its core Inga/Fireweed area of operations bringing Artek's aggregated holdings to 107 (61 net) sections of land with Doig rights and 120 (71 net) sections of land with Montney rights and including important infrastructure additions.

The Fireweed assets include 11,227 net acres (15.8 net sections) of land (6,299 net acres with Doig mineral rights and 7,097 net acres with Montney mineral rights).

Artek, an oil and gas exploration and production company, announced Aug. 1 it was acquiring a 50% working interest and its partner at Inga, Kelt Exploration Ltd. is also acquiring a 50% working interest in the assets which include gross production of approximately 1,200 barrels of oil equivalent per day (BOE/d).

Artek will be the operator of the property. Current net production is estimated to be approximately 600 BOE/d, 79% natural gas and 21% natural gas liquids. Net operating income for the first six months of 2013 was approximately $1.9 million.