Archer Petroleum Corp.: Corporate Update
January 22 2014 - 1:37PM
Marketwired
Archer Petroleum Corp.: Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 22, 2014) -
Archer Petroleum Corp. ("Archer" or the "Company")
(TSX-VENTURE:ARK)(DBFrankfurt:A6VA) is pleased to provide the
following corporate update.
The Company achieved many goals in 2013 and is looking forward
to further significant developments in 2014. Since its initial
financing in January of last year, Archer has continued to work
towards becoming a key player in the new American oil sands sector.
The Company has also positioned itself well to become a provider of
a cutting edge, global heavy oil/bitumen extraction technology, and
to potentially expand its heavy oil production focus beyond the
United States. Following are some of the major goals accomplished
by the Company in 2013:
Acquisition of
Sandklene 950 Rights
In the first half of 2013, Archer secured the rights to purchase
and use Sandklene 950 in the United States. Sandklene 950 is a
patented and proprietary, EPA-approved surfactant, which is
potentially one of the most efficient and cost-effective chemicals
for the non-thermal extraction of heavy oil from oil sands.
Originally created for use in oil spill cleanup, Sandklene 950 is
biodegradable, non-toxic and 90% recyclable. Combined with
enhanced, yet traditional, mining processes, use of Sandklene 950
can undercut the capital expenditure requirements of companies
incorporating costly, heat-requiring solvents in the extraction of
heavy oil.
International
Opportunities
In the latter part of 2013, Archer acquired certain exclusive
rights to manufacture and distribute Sandklene 950 internationally.
The Company has received wide-ranging inquiries for the use of
Sandklene 950 on an international basis and feels that the future
potential to explore the use of this technology in areas such as
Asia, South America and North Africa, among others, will be
powerful growth drivers for the Company.
Acquisition of Oil
Sands Assets
During 2013, the Company began acquiring interests in oil sands
projects in the states of Kentucky and Utah. Combined heavy oil
reserves in both states, as reported by government agencies, is
said to be over 35 billion barrels. Archer is focused on achieving
2014 heavy oil production in Kentucky initially, due to the state's
streamlined permitting process, the availability of excellent oil
sands land, enthusiasm from local communities, and the fact that
Sandklene 950 is currently being implemented in a commercial
production scenario by Archer's partners in Kentucky. This first
production facility is now undergoing operational fine-tuning and
is ramping up production to achieve commercial levels in the coming
weeks. Archer's drive to maximize shareholder value through the
construction of multiple production facilities in the American oil
sands will be greatly facilitated through the use of this existing
production facility as a virtual blue print for future
development.
Archer currently holds approximately 2,000 acres of land in
Kentucky and Utah and expects to double this position in early
2014. Each acre acquired in US government-outlined oil sands belts
increases Archer's exposure to heavy oil by potentially tens of
thousands of barrels. The Company has established excellent working
relationships with family-based landholders to acquire further
production projects, and is also turning its focus toward similar
relationship-building with families in the state of Alabama, where
estimated heavy oil from oil sands reserves totals some 6.4 billion
barrels.
Capital
Markets
In May 2013, the Company's shares (TSX-VENTURE:ARK) hit a trade
high of $0.66 per share and in July 2013, the Company successfully
closed a $1 million financing. The majority of these proceeds were
used for the acquisition of the international rights to Sandklene
950 as well as for land acquisitions.
In order to provide market support and to increase corporate
exposure in the financial community, Archer has brought in
Progressive IR Consultants Corp. to provide investor relations
services going into 2014. Archer has also signed a contract with
Stockhouse.com to increase exposure to investors over the next
year.
Management is very pleased about developments to date and
remains dedicated to our goal of achieving initial heavy oil
production in the American oil sands in 2014.
For further information on Archer, please contact Kris Kottmeier
of Progressive IR at (604) 506-2502, or via email at
kris@progressive-ir.com.
About Archer Petroleum:
Archer is an independent energy company focused on exploration
and development in North America. Archer's common shares are listed
on the TSXV under the symbol "ARK" and the DB Frankfurt exchange
under "A6VA". Further information on Archer can be found on the
Company's website at www.archerpetroleum.com.
ON BEHALF OF ARCHER PETROLEUM CORP.
Colin Bowkett, Director
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.
Disclaimer for Forward-Looking Statements
Statements contained in this news release that are not
historical facts constitute "forward-looking statements" or
"forward-looking information" within the meaning of applicable
securities laws, and are based on expectations, estimates and
projections as of the date of this release. Forward-looking
statements in this release include, without limitation, statements
with respect to the Company's plans for 2014; its goal of becoming
a provider of a cutting edge, global heavy oil extraction
technology; its plans with respect to property acquisitions and
potentially expanding its business internationally as growth
drivers for the Company; and statements regarding potential
increases in the Company's exposure to heavy oils by potentially
tens of thousands of barrels as the result of additional land
acquisitions. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" occur.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management as of the date of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, and there can be no assurance that
such statements will prove to be correct. Such forward-looking
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements including, without
limitation, that the Company is unable to implement its proposed
business expansion, either in North America or internationally;
that the Company is unable to complete any planned land
acquisitions or to realize any increase in exposure to heavy oil as
a result thereof; risks related to the Company's licenses with
respect to the Sandklene 950 technology; and market conditions in
the Company's industry and the economy generally. The Company
assumes no obligation to update these forward-looking statements,
or, if applicable, to update the reasons why actual results differ
from those projected in the forward-looking statements, except in
accordance with applicable securities laws.
Archer Petroleum Corp.Colin Bowkett(604) 683-7588(604)
683-7589info@archerpetroleum.comwww.archerpetroleum.com
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