Archer Petroleum enters into Letter Agreement to sell interest in Bakken Shale Prospect
Vancouver, British Columbia, CANADA (March 14, 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 Triangle Petroleum Corporation to sell its 50% working interest in the Bakken Shale Prospect comprising approximately 737.30 net acres (the "Prospect") for an estimated price of US$552,975.
Claude Perrier, CEO, states: "The sale of this acreage provides the Company with a non�]dilutive means to fund the development of its newly acquired Matagorda Bay Prospect which ideally fits the Company's project criteria of low cost, low risk and rapid payout. The Company is accelerating its efforts in respect to this Prospect and on site operations are expected to commence within the next 2 months".
Option Grant
The Company also announces that it has granted a total of 246,000 stock options to Director's of the Company. Each option is exercisable into one Share at a price of $0.10 for a period of 5 years. The options are subject to the terms of the Company's stock option plan.
About Archer Petroleum:
Archer Petroleum Corp. is an independent oil and gas company focused on exploration and development in North America. Archer's assets include properties in Matagorda Bay Texas, Alberta and the Permian Basin of West Texas. 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.