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ARCH PETROLEUM ANNOUNCES FORMATION OF ACQUISITION VEHICLE, CHANGE OF DOMICILE

 ARCH PETROLEUM ANNOUNCES FORMATION OF
 ACQUISITION VEHICLE, CHANGE OF DOMICILE
 FORT WORTH, Texas, Dec. 23 /PRNewswire/ -- Arch Petroleum Inc. (NASDAQ: ARCH) announced today it had formed a company to serve as a vehicle for acquiring producing oil and gas properties. The company, presently a wholly-owned subsidiary, has been named Arch Production Company.
 Arch's president, Larry Kalas, stated, "Arch's outstanding record of achieving annual growth in oil and gas reserves is in part attributable to our ability to make prudent purchases of producing reserves with development potential. We plan to continue to emphasize the acquisition avenue as a mainstay in our long-term strategy to build a quality independent oil and gas company."
 Kalas also said, "Our healthy financial position, coupled with today's environment, affords Arch significant opportunities to review potential acquisitions of producing oil and gas properties as well as companies. The obvious flight of the majors and larger independents from domestic positions has resulted in increasingly better assets being offered for sale." Kalas noted that continued pressure on gas prices and recent declines in oil prices have served to modify buyers' pricing assumptions for acquisitions, improving the economics to successful buyers. He further stated that Arch was considering vending properties into the subsidiary and that, as a function of Arch's proven track record of making successful acquisitions, several institutions had inquired about the possibility of joining Arch as an equity participant in future acquisitions.
 Arch also announced that in a meeting held on Dec. 19, its shareholders had approved a change of the company's domicile from Nevada to Delaware which will become effective as of Dec. 31, 1991.
 Arch is an independent oil and gas exploration and production company headquartered in Fort Worth, Texas, with interests in producing properties in Texas, New Mexico, Oklahoma, Louisiana and North Dakota.
 -0- 12/23/91
 /CONTACT: Randall W. Scroggins, vice president of Arch Petroleum, 817-332-9209 or 800-772-8558/
 (ARCH) CO: Arch Petroleum Inc. ST: Texas, Nevada, Delaware IN: OIL SU:


JT -- NY054 -- 4868 12/23/91 13:31 EST
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Publication:PR Newswire
Date:Dec 23, 1991
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