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Late night EDEX news: Eldorado Exploration, Inc. Adds Multiple Prospects Monday May 22, 11:16 pm ET
IRVINE, Calif.--(BUSINESS WIRE)--May 22, 2006--Eldorado Exploration, Inc. (Pink Sheets:EDEX - News) announced today that it has entered into an agreement with Stable Resources of Lubbock, Texas, to acquire 4,300 acres in the Palo Duro Basin in West Texas. The acreage covers eleven prospects identified by Passive Induced Polarization (PIP), a process used by Eldorado to identify potential oil and gas accumulations. The wells will be drilled to test Canyon Reef formations which could have recoverable reserves of 500,000 BBLS or more per location. At prices of $60 per barrel (42 U.S. Gallons), each well could produce $30,000,000 over 15-20 years. Eldorado would earn a 75% working interest in each well. The company now has rights to drill on 62,000 acres under lease in Texas and New Mexico, with over 100 identified well locations. ADVERTISEMENT
The first large well to be drilled on a PIP-located site for Eldorado is expected to start drilling in Texas on June 15th, 2006. The second well in New Mexico will drill soon after in July. Additional wells will depend on rig availability.
Eldorado Exploration, Inc. is an independent oil and gas company that utilizes a process called Passive Induced Polarization, "PIP," to detect electromagnetic signals given off of some geological anomalies. In most cases a positive response indicates a hydrocarbon accumulation and a negative reading almost is always a dry hole. When used with the standard geological tools and methods, the PIP process enhances the odds of success for discovering oil and gas. Stable Resources LLC has recently completed a gas well discovery in Runnels County, Texas, using the PIP process.
Posts: 655 | From: Louisville,Ky | Registered: Dec 2005
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The acreage covers eleven prospects identified by Passive Induced Polarization (PIP), a process used by Eldorado to identify potential oil and gas accumulations. The wells will be drilled to test Canyon Reef formations which could have recoverable reserves of 500,000 BBLS or more per location. At prices of $60 per barrel (42 U.S. Gallons), each well could produce $30,000,000 over 15-20 years. ------------------------------------------------ That's a potential of over $ 300,000,000 over 15-20 years. (11 potential wells).
-------------------- "Whether you think that you can, or that you can't, you are usually right." - Henry Ford Posts: 798 | Registered: Jun 2004
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Play for yourself Lion and post as you see fit. Perhaps no one will join you but for every one that posts there are 10 that lurk and will be looking at your DD.
Looks like you found yourself a winner. Congratulations to you!
Bigfoot
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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Future prospects...you are nearing oversold. If the news is as good as you seem to expect look for a big push but be ready cause it will have to correct itself eventually. You can see the evidence in the chart STM posted.
GLTU.
BF
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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