Archer Petroleum Enters in Memorandum of Agreement to Acquire Texas Prospect
07 Dicembre 2010 - 3:40PM
Marketwired
Archer Petroleum Corp. (TSX VENTURE: ARK)(OTCQX: APEUF)(FRANKFURT:
A6VA) (the "Company") is pleased to announce that the Company has
entered into a Memorandum of Agreement with a privately held oil
and gas company based in Houston, Texas to acquire 4 leases
covering interests in three Lease Blocks in Matagorda Bay, Texas,
comprising 1280 acres. The agreement grants Archer the option of
acquiring 3 existing wellbores, an onshore processing facility and
the gathering system connecting the wells to the facility.
This Memorandum of Agreement is subject to, among other things,
execution of mutually agreeable Participation and Joint Operating
Agreements by December 18th, 2010. Subsequent to closing, the
Company intends on commencing a re-completion program on one or
more of the existing wellbores.
The Company will provide additional information on the Prospect
in due course.
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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