New Arcadia - Update Telaga Said and Darat Oilfields, Indonesia.
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 29, 1997--New Arcadia Resource (VSE See DOS/VSE.
VSE - Virtual Storage Extended NAX NAX Netzwerk Architekturexport (Germany) .) New Arcadia Resources Ltd. (the "Company") VSE-NAX, Vancouver, B.C. is continuing with road construction and site preparation on the Telaga Said and Darat oilfields in North Sumatra North Sumatra (Indonesian: Sumatera Utara) is a province of Indonesia. Its capital is Medan. Geography and population
The province of North Sumatra stretches across the island of Sumatra between the Indian Ocean and the Strait Malacca. , 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 (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. ) 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 Vancouver Stock Exchange (VSE)
A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies.
Vancouver Stock Exchange
See Canadian Venture Exchange (CDNX). 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