Thursday, August 19, 2010

Borden County, Texas: Permian Basin Update - Archer Petroleum

By Andrea:

Archer Petroleum (ARK) released an update today on their Greater Joe Mill Project of the Permian Basin, in Borden County, TX.

Archer Petroleum has been advised by the Operator, Westerly Exploration, and provides the following update on the Greater Joe Mill Project, situated in West Texas.

Westerly, as the operator, advises that the Hull #1 well located on the Greater Joe Mill Project in Borden County, West Texas has produced as high as 86 bopd (Barrels Oil Per Day) and has averaged over 61 bopd over 30 consecutive production days, and the Operator expects the Hull #1 to continue to improve in both oil and natural gas rates as is typical of these formations.

Based on the success of this initial well the Operator has advised that the second well on the Greater Joe Mill Project is expected to spud within the next 30-60 days.

CEO Victor Barcot states, "We are very pleased that our initial well in the Permian Basin has been proven a successful producer, and that Archer has reached the significant milestone of achieving cashflow and production through our core assets."

The Greater Joe Mill Project comprises 4,700 gross mineral acres and has proven reserves of approximately 60 MMBOE per well and includes 29 proven well locations. The project is a low risk, long reserve-life drilling venture designed to provide a stable cash flow base for the development of the Company.

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