Golden Arch Resources---GAI.V Message Board

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Gold/Mining/Energy : Golden Arch Resources---GAI.V

GAI 8.800

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Mar 22 5:00 PM EST

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To: StockPro who wrote (220)	9/11/1997 1:13:00 PM
From: CB.	of 359

Richard, It appears that the GAI release was concerned more with operations other than the Williston Basin JV. There was also a release today (below) from NAVASOTA which deals with the NAV/GAI/SVV deal which explains the current situation with the JV. CB. Navasota Resources Ltd - Second Williston Basin driller to test large prospect Navasota Resources Ltd NAV Shares issued 4968708 1997-09-10 close $2.04 Thursday Sep 11 1997 Mr Bill Sanesh reports Navasota Resources (35% WI overall and 45% in first five wells of the Williston Basin joint venture), has received significant new results from the initial interpretations of the company's 50 square mile 3D survey program done over part of its 40,000 gross acres of mineral rights holdings. The first feature confirmed was drilled and an oil well resulted (Navasota WJV Jan No. 1 completed in July 1997). Now the joint venture's chief geophysicist reports that four more prospects (out of the more than 30 indicated by 2D seismic on which the joint venture holds mineral rights) are confirmed by the new 3D seismic. One of these is worthy of special note because it appears significantly larger than was logically expected. Expectations were for Red River zone prospects between 160 to 240 acres with hope that some might approach 300 acres. The company's Linda prospect is interpreted to cover an area of more than 300 acres, possibly as much as 1,000 acres of potential hydrocarbon trapping area. It is most likely to be the next prospect tested by the drill. Only one other feature with comparable size and shape geometry to the Linda feature is known in the area. The Bainville North field in Roosevelt County, Montana was discovered in 1979. (The company's exploration team was in on that discovery.) The field has produced 1.1 million barrels of 43 degrees API oil together with 730 million cubic feet of gas from the Red River reservoir. (The same zone is the joint venture's principal target.) Some wells encountered production in shallower zones (whose geological counterparts exist in the WJV area) and these produced as much oil as the principal zone. The field is still producing. Under optimum reservoir management procedures it is expected to possibly produce as much as three to 3.5 million barrels before abandonment. Coordinates of the proposed Linda drilling location are not announced at this time. The Williston joint venture is well represented by leases that cover the main area of the Linda prospect but does not wish to invite competition for fringe acreage. Stalking date of the joint venture's second well (Linda No. 1) will be a minimum of four to six weeks. A rig with suitable capacity is being sought after to permit drilling to begin as soon as possible thereafter. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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