Archer Signs Letter of Intent for 3 Well Drilling Program in Texas
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/08/14 -- Archer Petroleum Corp. (TSX VENTURE: ARK)(DBFrankfurt: A6VA) (the "Company") is pleased to announce that the Company and Cardiff Energy Corp have executed a non-binding Letter of Intent to earn a 25% Working Interest on a 3 well drilling program in Ballinger, Texas. On November 25, 2014 Cardiff announced initial production rates of 180 barrels per day and 250,000 cubic feet of gas on the Bearcat #4 well in Ballinger. The 3 well drilling program will be located within Cardiff's 468 acre leasehold, and the parties will use best efforts towards completing a definitive Participation Agreement upon completion of due diligence by Dec 15th, 2014.
President Colin Bowkett states: "We have been following Cardiff's progress with their Ballinger property with keen interest and believe that the 180 barrel per day initial production from their Bearcat #4 well shows excellent potential for a strong multizone play, which we intend to be a part of. We look forward to completing our due diligence and moving towards a definitive agreement as soon as is feasible."
About Archer Petroleum:
Archer is an independent energy company focused on exploration and development in North America. Archer Shares are listed on the TSXV under the symbol "ARK" and the DB Frankfurt exchange under "A6VA". Further information on Archer can be found on the Company's website at .
ON BEHALF OF ARCHER PETROLEUM CORP.
Colin Bowkett, President
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
(604) 200-1022
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Datum: 08.12.2014 - 14:00 Uhr
Sprache: Deutsch
News-ID 357808
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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