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: Oak Man. who wrote (97)	5/28/1997 12:36:00 PM
From: Greg Birch	of 359

From SVV thread: To All: NAV news release out today with progress report. "As at 8:00 am on Tuesday, May 27 1997 (drilling day 6) the Jan No. 1 well is reported to be drilling at a drilled depth of 5,489 ft after setting and testing surface casing at 2,806 ft on days 4 and 5." Also, looks like another partner popped out of the woodwork! "Burlington elects to participate to the full extent permitted under a pre-existing agreement for the pooling of adjoining mineral lease rights....... by electing timely to pay 12.5% of the costs of the well, to earn a 12.5% working interest in that well." Then there is this part of the news release: " All other working interests are therefore proportionally reduced. Navasota's working interest (and its proportional obligations of attendant costs) reduces from 45% to 38.75% in this well." So Oak Man, what does this leave GAI and SVV with? I do not recall any mention of Burlington being involve with this JV. If you have a news release that states their interest in this JV, please dont hesitate to e-mail it to me. Also if there are any other partners please let us know. Thanks regards, greg.

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