Archer Petroleum acquires tar sand acreage in Kentucky
2013-03-12 09:09 ET - News Release
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Mr. Colin Bowkett reports
ARCHER PETROLEUM CORP. ANNOUNCES ACQUISITION OF OIL PROSPECTIVE TAR SAND ACREAGE IN KENTUCKY, USA
Archer Petroleum Corp. has entered into an agreement with Mandalay Energy LLC, whereby it has acquired oil prospective tar sand acreage located in Logan county, Kentucky. In consideration for the property, the company has agreed to pay $9,985 which includes bonus, year one rental and core drilling costs for one core hole on the property. The property covers approximately 172 acres with annual rental of $5 per acre. Mandalay will receive a 1/16th royalty on sales net of transport to U.S. Gulf Coast when production is established. A core hole has been drilled on the property which demonstrated approximately 30 feet of moderate to high saturation tar sand pay. The property is located in the Cooperstown-Gasper area in Logan county. The area has been identified as a resource rich area in a 1984 report entitled "Tar-Sand resources of western Kentucky" prepared by Dr. Martin Noger on behalf the Kentucky Geological Survey, which utilized information gathered and published by the International Oil and Gas Compact Commission, and which estimates the area to have 20,000 to 30,000 barrels of oil in place per acre.
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