Ikkuma Resources Corp.
Ikkuma Resources Corp. is a diversified junior public oil and gas company, with holdings in conventional and unconventional projects in Western Canada. The technical team has worked together for over a decade in the Foothills Region of Western Canada, through two successful, publicly traded companies. The unique skills and repeat success at exploiting a complex, potentially prolific play type are fundamental ingredients for a successful growth-oriented company in Western Canada.
Ikkuma Resources Corp. is a Growth-Oriented Oil and Gas Company in the Alberta and BC Foothills.
Northern Alberta & BC Foothills
Gas Processing Optionality
10-15% Annual Decline (Positioned for Growth)
Prolific Bypassed Reservoirs Twice Confirmed with “Top Well” Result
(National Bank top Alberta Wells for January 2016)
Expected Northern Alberta Foothills Production from Cardium Analogs
Third Quarter 2016
Management and Directors
Tim de Freitas, BSc, MSc, PhD, President & CEO, Director
Mr. de Freitas has over 24 years of experience, including 18 years in Canadian and international Foothills. Mr. de Freitas was a co-founder, Vice President, Exploration and COO at Manitok Energy.
Greg Feltham, BSc, MSc, VP Exploration
Mr. Feltham was most recently a senior geologist and the Exploration Manager, Foothills at Manitok Energy. Mr. Feltham has over 12 years of oil and gas experience specializing in Foothills geology and fractured reservoirs.
Kavanagh Mannas, MBA, VP Operations
Mr. Mannas was most recently an Operations and Development Engineer at Manitok Energy. Mr. Mannas' experience includes diverse Foothills expertise in sweet and sour products and gas and oil reservoirs.
Yvonne McLeod, B.Sc. (Eng), Senior VP Engineering
Ms. McLeod was most recently the Vice President, Drilling, Completions and Facilities at Manitok Energy. Ms. McLeod has 20 years of experience in the oil and gas industry.
Rich Rowe, BA, VP Land
Mr. Rowe has over 10 years of experience in Land and was most recently the Land Manager at Manitok Energy.
Robert Dales, Chairman
William Guinan, Corporate Secretary, Director
Charle Gamba, Director
Michael Kohut, Director
David G. Anderson, Director
Dorothy Else, Director
Please refer to Ikkuma's website www.ikkumarescorp.com for complete biographies.
On September 19, 2017, Ikkuma Resources Corp. announced the following executive team changes:
On June 8, 2017, Ikkuma Resources Corp. announced that it has granted 6,159,500 stock options to directors, officers, employees and consultants of Ikkuma at an exercise price of 86 cents.
On June 5, 2017, Ikkuma Resources Corp. announced resource study of its interest in the Cardium and Badheart formations of the northern Alberta foothills. Ikkuma's P50 working-interest total petroleum initially in place (PIIP) is 485.5 million barrels of oil equivalent.
On May 30, 2017, Ikkuma Resources Corp. announced its financial and operating results for the three months ended March 31, 2017.The Company achieved net income for the quarter of $2.5-million (three cents per share).
On May 25, 2017, Ikkuma Resources Corp. announced that it has completed a financing with Alberta Investment Management Corp. (AIMCo), on behalf of certain of its clients, providing for a $45.0-million second lien senior secured term loan which bears annual interest at 7.25 per cent and matures on March 31, 2022.
On March 16, 2017, Ikkuma Resources Corp. announced additional light oil discovery and its 2016 year-end reserves. Ikkuma's 2P net asset value at Dec. 31, 2016, is estimated at $1.91/share, 133 per cent above the last 30-day average trading price.
As part of the corporation's continuing winter operations, a single vertical well in a new oil pool outside the Narraway area was recompleted in order to confirm the presence of oil. A brief test on the new thrust-repeated Cardium pool confirmed the presence of 500 to 520 American Petroleum Institute oil and associated gas. Ikkuma anticipates spudding at least one exploration horizontal well in this new light pool within the next 12 months, pending further technical work.
On January 30, 2017, Ikkuma Resources Corp. provided an operations update with a focus on its new light oil pool. Second Cardium light oil discovery confirms major light oil pool for Ikkuma.
Ikkuma completed drilling its second (offset) horizontal Cardium oil well in mid-October, 2016, performed a 25-stage slick water frac shortly thereafter, and flow-tested during mid-November, 2016, for 6.4 days.
The well was shut in for approximately three weeks through late December, 2016, and early January, 2017, for pressure recording. Subsequent data analysis, together with oil composition, indicates that the corporation has discovered a second light oil pool, which further derisks the large oil pool on the corporation's 40 sections of land (88-per-cent working interest) in the Narraway area of the Alberta Foothills.
Well costs to date have been within the anticipated $3.5-million to $4.5-million. Ikkuma is confident in its ability to reduce the well costs significantly.