Archer Petroleum Provides Update on Matagorda Bay Recompletion Prospect
30 Settembre 2011 - 2:00PM
Marketwired
Archer Petroleum Corp (TSX VENTURE:ARK)(DBFrankfurt:A6VA), (the
"Company"), is pleased to provide the following update on its
Matagorda Bay recompletion prospect.
South Bay Resources LLC, ("the Operator") has advised that the
Parker 76B rig arrived under tow on location at the 127-1 well site
at 22:30 PM hours, Wednesday September 28th, 2011.
Recompletion activities are expected to commence immediately
with the perforation of the Bol Mex sand scheduled to occur in
approximately five days, immediately followed by a Frac Pack.
Testing of the well will follow the completion of the Frac Pack
procedure.
As a result of operational changes including the addition of a
Frac Pack procedure to the completion, the AFE for this operation
has escalated to approximately $2.6m USD. These procedural changes
were approved by the Company's board of directors in an effort to
maximize production rates following a successful completion.
The Company is funding its share of this increase (approx.
US$258,000) through a combination of cash from its treasury; a sale
of a 1% interest in the project (thereby reducing its working
interest from 23% to 22%); and the issuance of a 1.3125% gross
overriding royalty in the project.
About the Matagorda Bay Prospect
The Matagorda Bay recompletion project comprises approximately
1,600 acres and consists of Texas State Blocks 127, 150 and the
North half of Block 151, and includes 3 existing well bores, an
existing 7 mile pipeline to shore and an onshore oil/gas handling
facility.
A key component of this acquisition is the existence of a fully
drilled, cored, logged, cased and shut-in well bore (the 127-1
well) in Block 127. The 127-1 well has multiple pay zones indicated
on logs and cores and is expected to be initially completed in the
Bol Mex (8560 - 8710' depth) section of the Lower Frio. Internal
analysis of the logs and cores of the Bol Mex zone indicate
approximately 115 feet of expected oil pay. The reservoir is
estimated to cover a minimum of 350 acres with potential up to 750
acres.
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 Matagorda Bay including Blocks 127,
150 and 151. The Company's shares are listed on the TSX Venture
Exchange under the symbol "ARK" 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.comwww.archerpetroleum.com
Grafico Azioni Arras Minerals (TSXV:ARK)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Arras Minerals (TSXV:ARK)
Storico
Da Gen 2024 a Gen 2025
