The agreement grants Archer the option of acquiring three existing wellbores, an onshore processing facility and the gathering system connecting the wells to the facility.
This memorandum of agreement is subject to, among other things, execution of mutually agreeable participation and joint operating agreements by 18 December 2010.
Subsequent to closing, the company intends to commence a re-completion program on one or more of the existing wellbores.
Archer is focused on oil and gas exploration and development in North America.
