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Archer Petroleum Encounters 48 Feet of Pay on Davenport Project; Shares Down 5.5%

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Archer Petroleum Corp (ARK.V) today announced the following results of a recent core drilling test on its 100% owned Davenport project in Logan County, Kentucky, USA.

"The test was completed by American Engineers, Inc., using a truck mounted coring rig with a 2 inch barrel. The test encountered approximately 48 feet of heavy oil/bitumen saturated sandstone in the Big Clifty formation. Two distinct seams of oil saturated sandstone were observed, both showing significant bleeding of oil from the core sections & petroleum odors. The hole was drilled to a total depth of 86 feet with overburden and inter-burden measuring approximately 36 feet yielding a ratio of 0.75 feet of overburden/inter-burden per foot of oil sand pay."

Shares are down 3 cents (5.56%) to 51 cents late morning, on volume 20,000.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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