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Ahtna, Inc. Announces Conclusion of Tolsona No. 1 Field Operations and Successful Demobilization

Glennallen, Alaska – Ahtna, Inc. announced today that it has concluded operations on the Tolsona No. 1 gas exploration well after completion of the initial flow testing. All personnel, equipment and materials have been successfully demobilized from the drilling site, the well has been suspended and all that remains is the well head. The well data will be fully evaluated over the next several months.

“We are proud that the Tolsona project delivered an outstanding safety record, provided employment and development opportunities for Ahtna shareholders and Alaskans, and that we were able to reach and evaluate the targeted zone. The project provided a positive boost to the local economy, including utilization of vendors and subcontractors during the typically slower winter months. There was a tremendous amount of data analysis and correlations done between various wells that provide invaluable knowledge about gas prospects on Ahtna lands outside of Tolsona. We would like to thank everyone that invested their time, talent and energy into this program.”

Michelle Anderson Ahtna, Inc.’s President

About Tolsona No. 1

Ahtna, Inc.’s wholly-owned subsidiary, Tolsona Oil & Gas Exploration LLC, is the owner-operator of the Tolsona No. 1 well. Tolsona No. 1 was spudded on September 28, 2016 and is located just north of Milepost 175 of the Glenn Highway and about 11.5 miles west of Glennallen, Alaska. Tolsona Oil & Gas Exploration LLC successfully completed the drilling of the gas exploration well on December 5, 2016. The well proved to be very challenging due to the complex geology of the area and had to be drilled 700 feet deeper than anticipated to reach the final vertical depth of about 5,500 feet.  Despite the challenges, the drilling phase was safely completed in 70 days with zero Occupational Safety and Health Administration (OSHA) recordable incidents.