Post by Franko10 ™ on Feb 21, 2005 17:13:23 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
Exemption 12g3 - 2(b)
SEC File # 82-659
April 5, 2001
North Texas Well to Be Completed as Natural Gas Producer
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
Exemption 12g3 - 2(b)
SEC File # 82-659
April 5, 2001
North Texas Well to Be Completed as Natural Gas Producer
Golden Arch Resources Ltd. (‘Golden Arch’ or the ‘Company’)(GAI:CDNX) (GARCF: O.T.C/pinksheets) The Company’s operator, the Cumming Company of Fort Worth Texas (‘CCI’) has advised that the McLendon #1 well located in Parker County, Texas has been drilled to a total depth of 5600 feet. Electric logs have established the existence of several zones with sufficient log characteristics to run pipe. Of particular interest was the Marble Falls zone which has been an excellent producer in the area.
CCI intends to perform a sand fracture on the Marble Falls zone to increase production. CCI is one of four companies that has had success in this area deploying the sand fracture technology developed by Mitchell Energy in the Barnett Shale. CCI is also performing sand fractures in the Barnett Shale, and, has just completed an excellent Barnett Shale producer three miles north of the McLendon #1. Although drilling at McLendon did continue deep enough to reach the Barnett Shale, it is expected that the Marble Falls formation will be a significant producing zone, and, that it could greatly benefit from a sand fracture. Offset production from the Marble Falls has been 800,000 mcfg to 1,000,000 mcfg over approximately a 15 year period.
The new sand fracture technology is expected to enhance this production profile. Additionally, a second prospective zone with excellent porosity, resistivity and microlog was encountered in the Caddo Conglomerate at a depth of 3650 feet. Golden Arch has a 5-per-cent working interest in the McLendon #1. Completion operations for the McLendon are Scheduled over the next two weeks. A second well in this joint venture is expected to commence drilling shortly.
About Mitchell Energy
Mitchell Energy & Development Corp. (MND: NYSE) one of the largest independent producers of natural gas in the U.S. It holds interests in more than 2,000 gas and 600 oil wells on over 700,000 acres with 60% of it’s gas production coming from North Texas. Mitchell’s total reserves have nearly doubled in two years primarily because of an aggressive development program using a new light sand fracture completion technology. Newer procedures have sharply reduced the amount of sand utilized, with a porportionate increase in the amount of
water. The result is a relatively inexpensive light sand fracture completion technology. The process involves pumping massive amounts of water carrying small amounts of sand into the formation to fracture the rock and allow natural gas to flow to the well bore.
About sand fracture technology in the Barnett shale formation in North Texas
Light sand fracture technology has produced the most dramatic results in the Barnett Shale formation in North Texas, which the US Geological Survey estimates to hold 10 trillion cubic feet of recoverable reserves, the equivalent of a 1.67 billion barrel oil field. Although less than 10 percent of the gas in place is being recovered from the Barnett today, the new technology has made it economical to expand the limits of known fields and to increase estimates of recoverable reserves.
About Golden Arch Resources Ltd.
Golden Arch is an oil and gas exploration company. Previous joint ventures with CCI as operator resulted in 40 successfully completed wells in West Texas. The recent sharp increase in natural gas prices from historic levels of $2.00 per mcf to December highs over $10 and the expected stabilization in the $4.00-5.00 range for the foreseeable future have determined a significant increase in the value of the Company’s holdings may be warranted. The Company is re-evaluating several of its previously drilled wells for potential re-entry to exploit previously
undeveloped gas zones. The Company’s shares trades on the Canadian Venture Exchange (CDNX) under the symbol GAI or GAI-V. The shares also trade on the OTC pink sheets, symbol GARCF.
For more information on Golden Arch contact
Toll-free: 1-877-642-6200
Safe Harbor
This press release and any documents attached thereto may contain forward-looking statements that may involve a number of risks and uncertainties. There are factors that could cause actual results to differ from those indicated by these forward-looking statements such as, but not limited to, market and general economic conditions and other risk factors as outlined, from time to time, in various news releases, reports and other documents filed with the Canadian Venture Exchange and other regulatory authorities. Forward-looking statements are based on the opinions and estimates of management when they are made. Management is not responsible for nor will it undertake to update or change the forward-looking statements should estimates or opinions change or should there be a change in conditions.
The Canadian Venture Exchange has neither approved nor disapproved of the information provided herein.
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"
Director