Printer Friendly

New Arcadia - Update Telaga Said and Darat Oilfields, Indonesia.

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 29, 1997--New Arcadia Resource (VSE NAX.) 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, 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

604/684-9557 (FAX)
COPYRIGHT 1997 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Apr 29, 1997
Previous Article:Cerro Mining Corporation announces letter of intent to acquire Maxxon, Inc.
Next Article:Noront Resources Ltd. - company update.

Related Articles
Indonesia - Part 1 - The Prospects & Political Perspective.
Indonesia Oil & Gas Fields - South Sumatra.
Indonesia - The Main Oil/Gas Fields & Operators.
INDONESIA - Irian Jaya - BP.
INDONESIA - The Main Oil/Gas Fields & Operators.
INDONESIA - Central Sumatra - PT Caltex Pacific Indonesia (CPI).
Indonesia - Oil Policy Position.
INDONESIA - The Gas Market.
INDONESIA - Part 1 - The Political Perspective & Petroleum Prospects.
INDONESIA - Central Sumatra - Oil & Gas Fields.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters