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 (262)	8/19/1998 10:33:00 AM
From: maxed	Read Replies (1) of 359

Hi. Andre. Looks like they are no longer in the oil business. NEWS RELEASE June 1, 1998 S.E.C. File No. 82-1079 News Release 98 - 04 Symbol: NAV (VSE) Navasota Resources Ltd. now holds 100% Working Interest in the entire Williston Joint Venture Navasota Resources Ltd. is pleased to announce the purchase of the entire holdings of Roulette Resources Ltd., Silver Peak Resources Ltd. and Golden Arch Resources Ltd. in the Williston Joint Venture Project. As a result, Navasota now holds 100% of the Working Interest in the entire Project. Previously, Navasota held working interests of 25% to 45% in each of (1) approximately 38,000 acres of freehold oil and gas leases in Richland County, Montana; (2) 50 square miles of proprietary 3D seismic relating to the Project; (3) the Navasota Jan #1 oil producing well (drilled and completed in mid 1997); and (4) 100% in 30 square miles of "trade" 3D seismic relating to the Project. This purchase eliminates the need for Navasota and the technical manager of the Williston Joint Venture, Discovery Exploration Inc. (DEI), to proceed with the arbitration of their differences with the Roulette group. The parties to the transaction (Navasota, Roulette group and DEI) agreed to keep certain specifics of the transaction confidential. The funds for the purchase were provided by one of its Directors. Navasota's management considers the terms and price of the purchase of the added interest to be more than fair given previous amounts invested in the Project and the recent downturn in oil prices. As result of settlement of the dispute and one entity owns the entire Working Interest, Navasota now regards the Williston venture to be more economically attractive. Navasota and DEI have agreed to redefine their relationship to reflect the new 100% ownership. It is Navasota's intent is to find participants to cause drilling as soon as possible on the prospects already identified as "drillable". For added information, contact Navasota Resources Ltd. at (250) 374-7377. On behalf of the Board of Navasota Resources Ltd. (signed) William Sanesh William Sanesh President THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN - 30

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