SOURCE: Golden Chief Resources, Inc.

April 03, 2007 13:07 ET

Golden Chief Announces Well Test Results

LEWISVILLE, TX -- (MARKET WIRE) -- April 3, 2007 -- Golden Chief Resources, Inc. (OTCBB: GCHR) (PINKSHEETS: GCHR) was informed by the operator that five of the wells on the Ownbey Lease located in Chautauqua County, Kansas have been tested. The results from fifteen minute swab tests from the Weiser formation indicated the operator recovered from 3 to 5 barrels of fluid per well in that time period. The oil to water ratio ranged from fifteen to twenty percent oil. This recovery extrapolated to a twenty-four hour period indicates production from these wells may exceed our original forecasts. It should be noted these are only test figures and the only reliable figures will come from actual production, which is expected to begin in the near future. The Company is very encouraged by these results and anticipates production rates exceeding our expectations.

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Where this statement includes "forward-looking" statements within the meaning of Section 27A of the Securities Act, the Company desires to take advantage of the "safe harbor" provisions thereof. Therefore, the Company is including this statement for the express purpose of availing itself of the protections of such safe harbor provisions with respect to all of such forward-looking statements. The forward-looking statements in this announcement reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from those anticipated. In this announcement, the words "anticipates," "believes," "expects," "intends," "future" and similar expressions identify forward-looking statements. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that may arise after the date hereof. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this statement.

Contact Information

    Golden Chief Resources, Inc.
    Mike McIlvain