FIELD ACTIVITIES / Archer Resources announces New Production
Archer Resources Ltd., announces it has commenced production at the rate of
six mmcf per day from two new wells at its Willingdon project through a
recently installed compression facility. In late December Archer also
commenced production at the rate of five mmcf per day at its new Hattie Lake
facility in the Sedgewick area. These two projects have raised Archer's
current gas production to 68 mmcf per day, an increase of 19 percent over the
same period last year. Total equivalent production is now 85 mmcfe per day.
At Willingdon, the 15-23 well, drilled in October, initially flowed at six
mmcf per day of gas with a five percent drawdown. The 10-26 well, drilled in
November, into a separate closure on the same Leduc reef, initially flowed at
eight mmcf per day at an eight percent drawdown. The second well also
encountered a Colony send which drillstem tested gas at 2.7 mmcf per day. The
15-23 Leduc zone and the 10-26 Colony zone are currently producing, while the
10-26 Leduc zone is yet to be brought onstream.
The new facility is operating at full capacity. This raises the total
production level in the Willingdon area to eight mmcf per day. Archer is
currently considering alternatives to bring the incremental Leduc production
capacity onstream.
Archer's common shares trade through the facilities of The Toronto Stock
Exchange under the symbol "ARC". The Toronto Stock Exchange has neither
approved nor disapproved of the information contained herein.
For further information please contact:
Grant A. Bartlett Wayne Foo Bill Hogg
Chairman & CEO President & COO Vice President,
Finance & CFO
Telephone:(403)266-5522 Telephone:(403)298-5593 Telephone:(403)298-5510
Fax: (403)232-6008 Fax: (403)232-6008 Fax: (403)232-6008
Archer Resources Ltd. maintains an Internet at website at www.arch-
resources.com which includes quarterly and annual financial information, a
corporate profile and press releases. |
