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Gold/Mining/Energy : Golden Arch Resources---GAI.V -- Ignore unavailable to you. Want to Upgrade?

To: EIGHT-N who wrote (295)	9/1/1999 7:23:00 PM
From: maxed	Read Replies (1) \| Respond to of 359

Golden Arch Commences Drilling, Powder River Basin, Wyoming VANCOUVER, BRITISH COLUMBIA--Golden Arch Resources Ltd. is pleased to announce a drill rig is on location and a 5,700 foot test known as the F24-5 BELTCH will be drilling this week on the company's newly acquired ALKALI DRAW PROSPECT located in the Powder River Basin of Wyoming. The Company has a 10 percent working interest in the play, and the target is Channel Sand oil and gas in the Fall River (Dakota) horizon. The 2,300 acre Alkali Draw Prospect is thought to be similar to Coyote Creek, which lies seven miles away on the same Fall River Trend. To date Coyote Creek, an oil and gas field discovered in 1958, has produced over 21 Million Barrels of Oil and 25 Billion cubic feet of gas from the Dakota formation. The Alkali Draw Prospect was developed by a group of highly successful Wyoming geologists specializing in Dakota Formation Channel Sands. Additionally, a 3-D Micro-Gravity survey was conducted on the prospect by Electro-Seise Inc. (ESI) of Fort Worth Texas. ESI's data was used to develop the Camp Colorado Prospect in Texas, where Golden Arch recently announced a successful discovery well. After completing a 3D-Airborne Micro-Gravity Survey on the Alkali Draw Prospect, ESI also acquired a working interest in the play. The ESI technology in Wyoming's Powder River Basin has an exceptional track record. In the past two years, ESI's success rate is 87 percent, and, out of the last ten wells ESI has surveyed, all ten wells (100 percent) were successful completions. Golden Arch is drawing on its experience from the years 1993 to 1996 when the company participated in over 40 successful Channel Sand completions in West Texas. Management is optimistic the ESI technology will drama! tically improve the economics of Channel Sand drill targets. Subject to regulatory approval and further to the Company's News release of August 3, 1999 financing of current operations has been finalized with D. R. McKay and Associates. A production loan of $250,000C has been secured, bearing interest at a rate of 10 percent with principal to be retired from future production revenues. A finders fee will be paid in accordance with exchange guidelines, and, for loan guarantees, a bonus of shares will be paid at a deemed price of $0.15C Loan proceeds will be utilized to pay for a recently acquired 25 percent working interest in the 3,000 acre Old World Field located in Parker County Texas. This field has 6 producing wells and potential for 15 to 20 additional drilling locations. Loan proceeds will pay for the recently acquired 10 percent working interest in the Camp Colorado field in Coleman county Texas. On this prospect the Warren/Thurmond #1 well was drilled and completed in early July, 1999. It is now on line and a field development program is planned for this new discovery. The Camp Colorado Prospect size should allow for an additional 15-20 wells to be drilled. On behalf of the Board of Directors of Golden Arch Resources Lt