Thanks alot Skinner. I appreciate your response. I was also able to open the sample LAS file you attached for me here.
The LAS file I am trying to open is actually from borehole logging equipment (Delta Epsilon Instruments Inc.) and with this standard (CWLS Log ASCII Standard - Version 2.0).You may wish to look at it again in light of this additional info and with your wealth of experience. It is a valid LAS file, but perhaps some manipulations were needed to successfully load it into ArcGIS. I say this because it was successfully loaded in IHS kingdom (a Geological Interpretation software).
I 'll be glad to get a response on this if possible.
Thanks all