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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization
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To: Richard Saunders who started this subject3/18/2001 5:30:29 PM
From: Richard Saunders   of 56
 
private Archean Energy
newswire.ca

CALGARY, Jan. 2 /CNW/ - Archean Energy Ltd., a private Calgary based
natural gas and conventional oil production company, announces today that its
Board of Directors has unanimously approved initiation of a process intended
to maximize shareholder value of its subsidiary companies. Archean has
retained Waterous & Co. of Calgary, Alberta as its financial advisor and agent
for this process.
This sale represents the majority of Archean's Canadian Assets and
excludes the Bellshill Property which was recently divested. Archean's
Canadian Assets produce approximately 3500 boepd, 65% of which is natural gas.
Current gas rates are in excess of 21 million cubic feet per day resulting
from a successful corporate focus on natural gas development and exploration
in the Peace River Arch and prolific Foothills area of West Central Alberta.
Archean is currently drilling 3 wells in the Foothills area along with
constructing gas gathering and processing facilities. Net production income
this year is estimated to be $32 million CDN, with fourth quarter net
operating income estimated at $10.7 million CDN ($43 million CDN on annualized
basis).
Anticipated net production from all assets is expected to be 4700 boepd
by July 2001, including 33 million cubic feet per day of natural gas.
Waterous expects marketing materials will be available by mid-January
2001 and proposals will be received by late February 2001.
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