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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Arsenal Energy Inc. Releases 2013 Budget

CALGARY, ALBERTA -- (Marketwire) -- 11/29/12 -- Arsenal Energy Inc. (TSX:AEI) (OTC PINK:AEYIF)

Arsenal Energy Inc. ("Arsenal") is pleased to announce a $49 million capital exploration and development budget for 2013. Of this amount, 68% or $33 million is expected to be spent on the drilling and completion of 20 gross (14.63 net) horizontal wells. Successful execution of the budget is expected to increase daily production to approximately 4,500 boe/d by yearend 2013. Wells drilled in 2013 are expected to contribute to lower operating costs on a boe basis and Alberta wells will have a low one year royalty rate. Based on mid-November forward strip pricing, Arsenal expects 2013 cash flow to total approximately $44 million ($0.29/share) and to maintain a debt/cash flow ratio of approximately 1.5/1.

In North Dakota, Arsenal intends to drill 7 gross (1.63 net) horizontal wells in the Bakken formation. Six (1.5 net) of the wells are planned to be development wells at Stanley and Lindahl. One well (.13 net) is planned to be Arsenal's first test well at the emerging Rennie Lake/Black Slough property where Arsenal has acquired over 4,700 acres of undeveloped Bakken land.

In Alberta, Arsenal intends to drill 13 gross (13 net) horizontal wells. In Q3 2012 Arsenal drilled two horizontal wells in the Glauconite at Princess. Those wells are currently producing at a combined rate of 350 boe/d. Arsenal intends to drill four new wells, the first to spud in December 2012 and 3 additional wells in Q1 2013 in this prospect area. These wells should delineate the repeatability of Arsenal's initial success. Well costs are estimated at $1.7 million each and are eligible for a one year 5% royalty. Arsenal has a 100% working interest in all of the wells.

Arsenal has budgeted four 100% WI horizontal wells into the Leduc formation at Chauvin. Offset wells drilled by other operators have come on stream at approximately 100 bbls/d. Well costs are estimated at $1.2 million. The first well is scheduled for after spring breakup.

Arsenal has budgeted one 100% WI horizontal well targeting the Cardium/Wilrich formation in the Alberta deep basin. Offsetting wells drilled by other operators are coming on stream at between 300 and 600 boe/d. Liquids yields are 50 bbls/mmcf and 50% of the liquids are free condensate. The initial cost to drill and complete is estimated at $6.7 million.

To receive Company news releases via e-mail, please advise info@arsenalenergy.com and specify "Arsenal Press Releases" in the subject line.

Advisory

Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to results from operations, future production rates, proposed exploration and development activities, our drilling prospect inventory, projected costs, the timing of certain projects, our future debt levels and liquidity position. The forward-looking statements are based on certain key expectations and assumptions, including expectations and assumptions concerning the availability of capital, the success of future drilling, completion, recompletion and development activities, the performance of new and existing wells, prevailing commodity prices and economic conditions, the availability of labour and services, weather and access to drilling locations and the geological nature of the formations targeted. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and exchange rate fluctuations. Certain of these risks are set out in more detail in our Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com. Except as may be required by applicable securities laws, Arsenal assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

BOE Disclosure

The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this press release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Analogous Information

In this new release, Arsenal has provided information with respect to certain production and related information for lands surrounding budgeted Alberta wells which is "analogous information" as defined applicable securities laws. This analogous information is derived from publicly available information sources available as of the date hereof, which Arsenal believes are predominantly independent in nature. Arsenal is unable to confirm that this information was prepared by qualified reserves evaluators or auditors or that it was prepared in accordance with the Canadian Oil & Gas Evaluation Handbook. As such readers are cautioned that the data relied upon by Arsenal may be in error. Regardless, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. Arsenal believes that the provision of this analogous information is relevant to Arsenal's activities, given its acreage position and operations (either ongoing or planned) in the area in question. This information has also been included to help demonstrate the basis for Arsenal's business plans and strategies. However, readers are cautioned that there is no certainty that any of the development on Arsenal's properties will be successful to the extent in which operations on the lands in which the analogoushistorical production information is derived from were successful, or at all, and, therefore, the analogous information may not be analogous to Arsenal's properties. The analogous historical production information should not be construed as an estimate of future production levels or future resources/reserves of Arsenal.

Contacts:
Arsenal Energy Inc.
Tony van Winkoop
President and Chief Executive Officer
(403) 262-4854
(403)-265-6877 (FAX)

Arsenal Energy Inc.
J. Paul Lawrence
Vice President, Finance and CFO
(403) 262-4854
(403)-265-6877 (FAX)

Arsenal Energy Inc.
1900, 639 - 5th Avenue S.W.
Calgary, Alberta, T2P 0M9
info@arsenalenergy.com
www.arsenalenergy.com

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