Post by Franko10 ™ on Feb 21, 2005 17:23:39 GMT -5
GOLDEN ARCH RESOURCES LTD.
8930 OAK STREET, VANCOUVER, BC V6P 4B7
(604) 266-9910 1-800-661-0091
Fax: (604)266-5000
NEWS RELEASE Exemption 12g3 - 2(b)
SEC File # 82-659
North Texas well Completed, Second well Drilling.
8930 OAK STREET, VANCOUVER, BC V6P 4B7
(604) 266-9910 1-800-661-0091
Fax: (604)266-5000
NEWS RELEASE Exemption 12g3 - 2(b)
SEC File # 82-659
North Texas well Completed, Second well Drilling.
April 23, 2001 Vancouver, BC. Golden Arch Resources Ltd. (‘Golden Arch’ or the ‘Company’)(GAI:CDNX) (GARCF: O.T.C/pinksheets), has been advised by its operator that the McLendon #1 well located in Parker County, Texas has been completed, and, the target conglomerate is productive. As expected, the zone is somewhat tight, and will require a fracture stimulation. The well was completed on April 16, 2001 when the conglomerate zone at 5344’ -5360’ was perforated with 22 total holes, acidized, and swabbed. There was a show of gas after 7 th swab run.
The well was shut in waiting for a frac date. The following wellhead pressures have since been reported:
4-17-01 Shut In Tubing Pressure 300 psig. Shut In Casing Pressure 350 psig.
4-18-01 Shut In Tubing Pressure 350 psig. Shut In Casing Pressure 525 psig
4-19-01 Shut In Tubing Pressure 600 psig. Shut In Casing Pressure 730 psig.
4-20-01 Shut In Tubing Pressure 700 psig. Shut In Casing Pressure 820 psig.
Golden Arch has a 5% working interest in the McLendon #1. Pending rig availability, fraccing and testing of the Mclendon #1 should occur within the next two weeks.
A second well in the joint venture has commenced drilling. Subject to regulatory approval, the Company has agreed to acquire a 5% working interest in the Wimberley #1. It is a Barnett Shale well located in Jack County, Texas.
About Golden Arch Resources Ltd.
Golden Arch is an oil and gas exploration company. Previous joint ventures with the Cumming Company, 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.
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.
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