Archer Petroleum Drills Radway Test and Encounters 21 Feet of Pay
06 Dicembre 2010 - 3:05PM
Marketwired
Archer Petroleum Corp. (TSX VENTURE: ARK)(OTCQX: APEUF)(FRANKFURT:
A6VA) (the "Company") announces that it has encountered apparent
pay in its SBRES WEASEL 2-17-58-20 well on the Radway Prospect in
Alberta, Canada.
South Bay Resources Canada (the "Operator") drilled the SBRES
WEASEL 2-17-58-20 well on the Radway prospect near Radway, Alberta,
to total depth of 1,628 metres, and based on electric logs, the
well encountered approximately seven (7) metres (21 feet) of
apparent pay in the Mannville gas section.
The Operator is in the process of installing casing and will
begin completion and testing operations in the apparent gas sands.
The completion and testing activities are expected to take
approximately 2 weeks and, if successful, permitting for a flow
line to connect to South Bay's gathering system should begin
immediately thereafter.
Claude Perrier, CEO, states: "The Radway Prospect is a project
Archer undertook according to the business strategy of combining
lower risk primary targets with higher reward secondary targets
within a single wellbore. We are very pleased that we have
encountered apparent pay in the primary target and look forward to
the forthcoming test results."
Archer is a 35% working interest owner in the well.
About Archer Petroleum:
Archer Petroleum Corp. is an independent oil and gas company
focused on exploration and development in North America. Archer's
assets include properties in the Western Canadian Sedimentary Basin
of Alberta, the Permian Basin of West Texas, and the Bakken Shale
of North Dakota. The Company's shares are listed on the TSX Venture
Exchange under the symbol "ARK" and the OTCQX under the symbol
"APEUF" and the DB Frankfurt exchange under "A6VA". Further
information on Archer can be found on the company's website at
www.archerpetroleum.com.
ON BEHALF OF ARCHER PETROLEUM CORP.
Colin Bowkett, President
Although Archer believes 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 Archer 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, the
failure to obtain necessary regulatory approvals, 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, and health, safety and environmental risks),
and commodity price, interest rate and exchange rate fluctuations.
The forward-looking statements contained in this document are made
as of the date hereof and Archer undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Archer Petroleum Corp. Colin Bowkett President (604)
683-7588 (604) 683-7589 (FAX) info@archerpetroleum.com
www.archerpetroleum.com Tribeca Capital Partners Inc Ali Sinawi
1-866-944-8674 ali@tribecacap.com Tribeca Capital Partners Inc
Jamie Hyland 1-866-944-8674 jamie@tribecacap.com
www.tribecacap.com
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