Atlas Engineered Products Ltd APEUD

News!

[dinero2]

Looks like we missed this on Monday!!!

Archer to sell 50% of Bakken prospect to Triangle

2011-03-14 13:10 ET - News Release

Also News Release (C-TPO) Triangle Petroleum Corp (2)

Mr. Colin Bowkett of Archer reports

ARCHER PETROLEUM ENTERS INTO LETTER AGREEMENT TO SELL INTEREST IN BAKKEN SHALE PROSPECT
 

Archer Petroleum Corp. has entered into a letter agreement with Triangle Petroleum Corp. to sell its 50-per-cent working interest in the Bakken shale prospect comprising approximately 737.30 net acres for an estimated price of $552,975 (U.S.).

Claude Perrier, chief executive officer, states: "The sale of this acreage provides the company with a non-dilutive means to fund the development of its newly acquired Matagorda Bay prospect which ideally fits the company's project criteria of low cost, low risk and rapid payout. The company is accelerating its efforts in respect to this prospect, and on-site operations are expected to commence within the next two months."

Option grant

The company also announces that it has granted a total of 246,000 stock options to directors of the company. Each option is exercisable into shares at a price of 10 cents per share for a period of five years. The options are subject to the terms of the company's stock option plan.

We seek Safe Harbor.