Post by Franko10 ™ on Feb 20, 2005 19:16:17 GMT -5
GOLDEN ARCH RESOURCES LTD.
8930 OAK STREET, VANCOUVER, BC V6P 4B7 (604) 266-9910 1-800-661-0091 FAX: (604) 266-5000
E-mail: safeenv@direct.ca
NEWS RELEASE
Symbol: GAI (VSE) Exemption 12g3 - 2(b)
O.T.C. GARC-F SEC File # 82-659
8930 OAK STREET, VANCOUVER, BC V6P 4B7 (604) 266-9910 1-800-661-0091 FAX: (604) 266-5000
E-mail: safeenv@direct.ca
NEWS RELEASE
Symbol: GAI (VSE) Exemption 12g3 - 2(b)
O.T.C. GARC-F SEC File # 82-659
August 10, 1999 Vancouver, BC - Golden Arch Resources is pleased to announce it has received flow test results for its 10% owned Warren/Thurmond #1 discovery well, located in Coleman County, Texas.
The well was perforated in the Caddo Lime formation at a depth of 2078 feet. The well did not require stimulation, and cleaned up on its own.
A five hour, four point flow test conducted on August 6, 1999 resulted in the following flows of natural gas with related pressures.
Flow through a 18/64 choke at 329.2 psi: 599,000 Cubic feet/day
Flow through a 16/64 choke at 344.2 psi: 490,000 Cubic feet/day
Flow through a 14/64 choke at 384.2 psi: 417,000 Cubic feet /day
Flow through a 12/64 choke at 414.2 psi: 326,000 Cubic feet/day
Wellhead shut-in pressure is 884.2 pounds per square inch and the well was calculated to have an absolute open flow potential of 750 thousand cubic feet of natural gas per day.
Connection of the well is underway and gas sales will commence this week. The gas produced is expected to be sold at the current spot price for natural gas which is $4.20Cdn ($2 .80 USD) per thousand cubic feet. Payback of drilling and completion costs is expected to take less than 6 months.
Production will be adjusted to maximize volume and accumulation over the life of the reservoir. Further exploration drilling is expected to prove additional potential reserves on the 2600-acre lease block.
For further information on this news release please contact Richard J. Watson 1-800-661-0091,
On behalf of the Board of Directors of Golden Arch Resources Ltd.
“Richard J. Watson”<br>Director