VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/03/10 -- Archer Petroleum Corp (TSX VENTURE: ARK), (the 'Company') wishes to provide the following Operational Update.
Archer Petroleum has been advised by the Operator, South Bay Resources, and provides the following update on its Western Canadian Sedimentary Basin Project, situated in Alberta.
South Bay, as the operator, advises regarding its Bull Prospect that the initial test well that The Company participated in, The SBRES Elnora 13-15 well, reached total depth of 2,200 meters and encountered the target formations on depth, however the formation porosities were lower than expected and did not warrant a completion attempt although a minor oil show was reported.
The well encountered approximately 3 meters of producible natural gas pay, however reserve estimates indicated that a pipeline connection would be proven uneconomic. The Operator is presently evaluating seismic data prior to spudding the next well on the high potential Radway Prospect in the near future.
The Company owns a 35% interest in approximately 13,440 acres (and an option on an additional 5,960 acres) of high impact shallow oil reef prospects at depths of less than 2,500 meters.
About Archer Petroleum:
Archer Petroleum Corp. is an independent oil and gas company focused on the exploration and development of its assets in North America including the Permian Basin of West Texas and the Bakken Shale area of North Dakota. The Company's shares are listed on the TSX Venture Exchange under the symbol 'ARK'.
Archer holds a 25% net working interest in approximately 4,700 acres within the Greater Joe Mill Project in West Texas, with an option on an additional 5,700 gross acres in the area. Archer commenced drilling operations in February 2010 and has plans to drill an additional 2 wells plus 1 re-entry in 2010.
An evaluation of oil & gas reserves in the Greater Joe Mill Project has been completed to NI 51-101 standards.
Archer additionally holds a 50% working interest in approximately 1,500 acres in a Bakken Shale play located in North Dakota. Archer's partner in this project is a large private operator with a proven track record of success in the Bakken Shale and drilling operations are expected to commence in late 2010. www.archerpetroleum.com
Shareholders and new investors are welcome to contact Tribeca at 1-866-944-8674 to discuss Archer Petroleum.
ON BEHALF OF ARCHER PETROLEUM CORP.
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 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 the release.
Archer Petroleum Corp.
(604) 683-7589 (FAX)
Tribeca Capital Partners Inc.