GAI: TSX Venture
VANCOUVER, March 18 /CNW/ - (TSX.V: GAI) - With oil at a current price of
US$107 pb, Les Kjosness, President, is pleased to announce the joint venture
financing in the amount of $1,025,000 to finance the first two wells at our
Antelope North oil prospect in Clay County, Texas has been completed.
Golden Arch Resources Ltd. and it's wholly owned subsidiary, Golden Arch
Oil & Gas Inc., have completed a financing with investors to drill these
wells. Golden Arch Oil & Gas will retain a 12.5% carried interest to the
completion of the two wells and Golden Arch Resources Ltd. has acquired 9.25%
working interest. Both entities will have a working interest for their
respective percentages on all future wells to be drilled on the property.
In June 2006, Golden Arch acquired an 82.5% Net Revenue Interest in an
approximate 235-hectare (583 acres) series of leases located in Clay County,
Texas, known as the Antelope North. The prospect is located in an established,
multi-pay region of northern Texas, geographically southeast of Wichita Falls.
This prospect area is known for its shallow, prolific oil production dating
from 1940 when Shell Oil Company discovered the Antelope Field, 2.5 miles
south of this prospect. The two wells together are expected to encounter the
following possible pay intervals:
Gunsight Sand: 700ft.
Burns-Jones Sand: 3,300ft.
Mobley Sand: 3,900ft.
Bryson Sand: 4,400ft.
Recently, 2.5 miles north of this prospect, EOG Resources, Inc. has
discovered oil productive Barnett Shale at 5,800ft. and has initiated drilling
of another well less than 6,000 feet north of Golden Arch's locations. EOG is
still delineating its oil discovery but has announced estimated possible crude
oil reserve potential at 225-460 million boe net on its 250,000 net acres
(900-1,850 (BO/acre)) in Montague, Clay, and Archer counties. With success of
EOG's offset, Golden Arch has reason to expect their leases will enjoy the
same Barnett Oil reserves under their 583 acres of leases as well.
Results from the initial drilling should be available within two months.
On behalf of the Board,
President & Director
Golden Arch Resources Ltd. is a metals, oil, and gas and exploration
company based in Vancouver, BC, Canada. Its principal projects are the Mildred
Peak copper/gold/silver property located in Arizona, the Wakefield Lakes zinc
project in Saskatchewan and the Abbott/Wagner silver/lead/zinc property in
The Company's resource exploration program is under the supervision of
R.D. Somerville, P. Eng., a Qualified Person under National Instrument 43-101.
Mr. Somerville is Vice President and COO of Golden Arch Resources Ltd
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news release
may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
For further information:
For further information: Les Kjosness, email@example.com;
Kirsti Mattson, firstname.lastname@example.org