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: andre dallaire who wrote (333)	3/29/2000 1:14:00 PM
From: andre dallaire	Read Replies (1) of 359

News Release 3/29/00 - Arrangement Finalized re Well Madren Draw Prospect GOLDEN ARCH RESOURCES LTD. ("GAI-V;GARCF-L") - Arrangement Finalized re Well Madren Draw Prospect D.K. Greenlaw, Director of the Company is pleased to announce that it has finalized an arrangement whereby it will receive a working 7% interest in a well to be drilled on the Company's Madren Draw Prospect in Weston County, Wyoming. In lieu of cash costs and subject to regulatory approval, the Company will issue 200,000 common shares of the Company for the initial test well to be drilled on the prospect, and 150,000 treasury shares for each commercially productive well drilled thereafter. The estimated cash costs to drill to casing point for the Company's working Interest is $30,000. The Company is also pleased to announce the Flow Test results received from testing the Duffer formation in the Warren/Thurmond #2 well on the Company's Camp Colorado Prospect in Coleman County, Texas. The well was flowed on a 18/64 inch choke and tested at a projected daily rate of 520,000 cubic feet of gas and 98.6 barrrels of oil. The absolute open flow rate was calculated at 700,000 cubic feet of gas per day. The well is now being put on production. The Camp Colorado Prospect now has two wells that produce from different zones: the Duffer Formation and the Caddo Limestone Formation, In addition to these producing zones there are other formations that show potential according to the electric logs. The two successful wells drilled to date have proven that this Prospect has multi-zone production potential and the Prospect appears to have sufficient acreage to support the drilling of an additional 10 to 12 wells. The Company also wishes to announce that a further section in the Caddo Limestone Formation of the producing Warren/Thurmond #1 well was perforated and FRACed. Additional production is anticipated from this well. The Company has a 10% interest in the Camp Colorado Prospect. For further information on this news release please contact Richard J. Watson 1-800-661-0091. TEL: (604) 266-9910 Golden Arch Resources Ltd. TEL: 1-800-661-0091 Richard J. Watson FAX: (604) 266-5000 ______________________________________ ___________________________________________________________________

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