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rcher Petroleum Fails to Find Producible Hydrocarbons in Its Matagorda Bay 127-1 Well
10:07 EST Wednesday, Oct 12, 2011
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2011) - Archer Petroleum Corp (TSX VENTURE:ARK)(OTCQX:APEUF)(DBFrankfurt:A6VA) ("Archer" or "the Company") reports that it has been advised by South Bay Resources (the Operator) that they will likely be plugging and abandoning the Matagorda Bay 127-1 well in Calhoun Country, Texas, USA.
Archer participated as to a 22% interest in the recompletion of the 127-1 well, targeting the Bol Mex sand in the Lower Frio, which showed multiple apparent pay zones in logs and core at a depth of approximately 8,700feet. Following perforation of the well bore and the installation of a gravel pack at the targeted zone depth, the formation began producing fluids under high pressure at a rate of approximately 500-600 bpd, though hydrocarbons were not present in the produced fluids. The lack of hydrocarbons will likely lead to the abandonment of the well.
Claude Perrier, CEO, states: "The completion of the Matagorda Bay 127-1 prospect was highly anticipated by Archer shareholders and its failure is disappointing. Management will spend the coming days performing a post mortem to determine the cause of this outcome as well as discussing strategic alternatives for Blocks 150 and 151 in the Matagorda Bay play."
About the Matagorda Bay Prospect
The Matagorda Bay recompletion project comprises approximately 1,600 acres and consists of Texas State Blocks 127, 150 and the North half of Block 151, and includes 3 existing well bores, an existing 7 mile pipeline to shore and an onshore oil/gas handling facility.
About Archer Petroleum:
Archer Petroleum Corp. is an independent oil and gas company focused on exploration and development in North America. Archer's assets include properties in the Western Canadian Sedimentary Basin of Alberta, the Permian Basin of West Texas, and the Bakken Shale of North Dakota. The Company's shares are listed on the TSX Venture Exchange under the symbol "ARK" and the OTCQX under the symbol "APEUF " and the DB Frankfurt exchange under "A6VA". Further information on Archer can be found on the company's website at www.archerpetroleum.com.
ON BEHALF OF ARCHER PETROLEUM CORP.
Colin Bowkett, President
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Colin Bowkett
Archer Petroleum Corp.
President
(604) 683-7588
(604) 683-7589 (FAX)
info@archerpetroleum.com
www.archerpetroleum.com
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.
