Archer Petroleum Corp.

Archer Petroleum Corp.

December 07, 2010 09:40 ET

Archer Petroleum Enters in Memorandum of Agreement to Acquire Texas Prospect

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2010) - Archer Petroleum Corp. (TSX VENTURE:ARK)(OTCQX:APEUF)(FRANKFURT:A6VA) (the "Company") is pleased to announce that the Company has entered into a Memorandum of Agreement with a privately held oil and gas company based in Houston, Texas to acquire 4 leases covering interests in three Lease Blocks in Matagorda Bay, Texas, comprising 1280 acres. The agreement grants Archer the option of acquiring 3 existing wellbores, an onshore processing facility and the gathering system connecting the wells to the facility.

This Memorandum of Agreement is subject to, among other things, execution of mutually agreeable Participation and Joint Operating Agreements by December 18th, 2010. Subsequent to closing, the Company intends on commencing a re-completion program on one or more of the existing wellbores.

The Company will provide additional information on the Prospect in due course.

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 the Western Canadian Sedimentary Basin of Alberta, the Permian Basin of West Texas, and the Bakken Shale of North Dakota. 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


Colin Bowkett, President

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.

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.

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