Archer Petroleum enters into Letter Agreement to sell interest in Greater Jo Mill Prospect
Vancouver, British Columbia, CANADA (April 1, 2011) -
Archer Petroleum Corp (TSX.V: ARK, OTCQX: APEUF, DB Frankfurt: A6VA), (the "Company"), wishes to announce that the Company has entered into a Letter Agreement with a private U.S. based oil and gas company to sell its 25% working interest in the Hull #1 well in the Greater Jo Mill Project in West Texas for approximately $105,000 (USD) gross proceeds.
Claude Perrier, CEO, states: "The sale of this interest accomplishes two important things for Archer:
- It provides additional working capital so the company can focus on successfully developing its Matagorda Bay prospect, without diluting the share capital.
- It removes an asset from the portfolio over which the Company did not have Operational control. This ensures that the Company will not be subjected to additional, potentially costly cash calls from the Operator of this well.
About Archer Petroleum:
Archer Petroleum Corp. is an independent oil and gas company focused on exploration and development in North America. Archer holds properties in Matagorda Bay Texas and Alberta. The Company's shares are listed on the TSX Venture Exchange under the symbol "ARK" and the OTCQX under the symbol "APEUF" and the DB Frankfurt exchange under "A6VA". Further information on Archer can be found on the company's website at www.archerpetroleum.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
ON BEHALF OF ARCHER PETROLEUM CORP.
"Colin Bowkett"
President
For further information contact:
Colin Bowkett
President
Archer Petroleum Corp.
Tel: (604) 683 - 7588
Fax: (604) 683 - 7589
info@archerpetroleum.com
www.archerpetroleum.com
Although Archer believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Archer can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), and commodity price, interest rate and exchange rate fluctuations. The forward-looking statements contained in this document are made as of the date hereof and Archer undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.