New Arcadia - Update Telaga Said and Darat Oilfields, Indonesia.
These are known fields which had 423 wells drilled during original development between 1885 and the early 1920's which, by using primitive techniques only, produced over 23 million barrels of high- gravity (48 deg API) sweet crude before being abandoned. The initial work program for 1997 is to evaluate productivity with 4 new wells prior to designing a full development program later this year.
The Farmout Agreement between Heritage American Resource Corp. ("Heritage") and the Company was approved by the Vancouver Stock Exchange and Heritage made its first payment of US$100,000 and issued 300,000 shares to New Arcadia. However, Heritage has advised New Arcadia of a shortfall of funds and the scheduled payment of US$500,000 which was to have been paid to the Company on April 15, 1997, has not been paid.
Discussions with Heritage are continuing.
On Behalf of the Board of Directors,
Dr. Charles A. Kohlhaas, President
CONTACT: New Arcadia Resources Ltd.
Nick L. Nicolaas, 604/684-7169
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|Date:||Apr 29, 1997|
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