GOLDEN ARCH RESOURCES LTD.
8930 OAK STREET, VANCOUVER, B.C. V6P 4B7 (604)266-9910 1-800-661-0091 FAX: (604)266-5000
NEWS RELEASE
Symbol: GAI (VSE) O.T.C. Bulletin Board: GARCF
Exemption 12g3 - 2(b)
SEC File # 82-659
1ST WELL SPUDDED IN 5 WELL EXPLORATORY PROGRAM
WILLISTON BASIN
VANCOUVER - May 28, 1997 - Golden Arch Resources Ltd. reports that the Jan #1 exploratory well located in NE NE 27 T 25N Richland County, Montana was spudded on May 22, 1997, the primary target is the Red River "C" at a depth of 12,480 feet.
Burlington Resources of Houston, Texas, a division of Burlington Northern Railway has exercised it's option to participate for a 12.5% working interest in this well, after reviewing the 3-D seismic data on this prospect.
Burlington's participation arose as a result of a farmout arrangement on a portion of the area. Golden Arch's 25% working interest in this well will be reduced to approximately 22% as a result of it's paid participation.
To date, the well is at a depth of 5,893 feet, the pay zones to be tested include Ratcliffe, Duperow, Dawson Bay, Lodgepole and Mission Canyon formations. With the prime target the Red River "C" at a depth of 12,480 .
Golden Arch Resources has 39,822 gross acres of leaseholds in the area and has an on-going program for the acquisition of additional leaseholds. The Company has a 5 well drilling program planned for this year.
On behalf of the Board of Directors of Golden Arch Resources Ltd.
Richard J. Watson
Director
The Vancouver Stock Exchange has neither approved nor disapproved of the information contained herein.
Dave
Oak Management
800-661-0091 |
