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[QUOTE]Originally posted by lilpennypincher: [QB] Yet another project Arizona The Concho Dome Leasehold On May 1, 2005, Irwin Energy entered into an agreement with Crossroads Exploration & Production LLC for an undivided 20% working interest in the 10,021.47 acre Concho Dome leasehold, in Apache County, Arizona. Under the terms of the Agreement, the Company paid the gross sum of USD $72,200 for its share of the turnkey drilling expense and estimated completion expense. The Company's working interest is based upon the actual cost of the project. The Concho Dome prospect is one of the main anticlines in the Holbrook Basin. The Holbrook basin in Arizona contains Paleozoic rocks including sabkha deposits of Permian age. The sabkha deposits in the Holbrook basin are similar in age and character to deposits in the Permian Basin of west Texas, which is a large sedimentary basin that is noted for its rich petroleum and natural-gas deposits. Area is Host to Hydrocarbons and Industrial Gases The potential for hydrocarbons and industrial gases in the Holbrook Basin is considered high. Evidence includes past production of helium, recent discoveries of carbon dioxide, shows of oil and gas in numerous wells, and a seep and outcrops of petroliferous rocks along the southern edge of the basin. Drilling depths have ranged from less than 4,000 ft to 6,000 feet. Significant features of the Holbrook Basin prospect include: Potential for multi zone production Shallow geological structure implies low operational costs Year round access to drilling sites The Holbrook Basin has the potential to produce from at least five (5) Paleozoic formations with excellent reservoir quality rock (prospective pay zones). These zones are: the Pennsylvanian Naco limestone, the Devonian Martin dolomite the Devonian McKracken sandstone the Permian Coconino the Permian Supai Drilling Test Well NZOG 17-01 Irwin Energy and Crossroads Exploration have agreed to drill a test well, NZOG 17-01, which is located just Southeast of Holbrook, Arizona. This test well is a 2,320-foot hole with the Permian Supai formation as the primary objective. This target was chosen to: (1) confirm the geological interpretation of the high precision gravity and multilevel aeromagnetic survey of Concho Dome, and (2) to test the source rocks of the potential pay zone structures. The test hole is prospective for oil as well as helium. According to the operator, Gordon LeBlanc of Crossroads Exploration & Production, this well has the potential for recoverable reserves of 200,000 – 850,000 barrels of oil from the Permian Supai formation. Crossroads Exploration & Production the Project Operator Crossroads Exploration & Production, LLC, a private Louisiana based oil & gas exploration company, is the management entity on the Concho Dome project and a shareholder of Holbrook Energy, the joint operator. Mr. Gordon LeBlanc, a third generation oil and gas operator from Louisiana, is the managing director of Crossroads. Mr. LeBlanc majored in petroleum geology at Centenary College of Louisiana. “Crossroads” uses independent sub-contractors to work the prospective drill targets. This arrangement gives Irwin Energy independent corroboration of all geological/geophysical work to date. The Significance of Anticlines in the Holbrook Basin When layers of rock are folded to create a dome, the resulting geometry is called an anticline. Because oil floats on water, the oil tries to move to the top of the anticline. If an impermeable seal, such as a shale bed, caps the dome, then a pool of oil may form at the crest. Anticlines are sought out by petroleum prospectors, because in the right places, most anticlines contain oil. Past Exploration and Reserves Estimates at Concho Dome The Permian Coconino sandstone and Supai are the important objectives in the current drilling program as they are very porous and permeable in the Holbrook Basin. Residual oil shows in the Coconino on the Concho Dome lend evidence to oil entrapment within the Coconino. The Boundary Butte Field on the Utah-Arizona border has produced in excess of four million barrels of oil from 458 surface acres from a depth of 1,500 feet. Since the surface of Concho Dome covers 10,000 plus acres, the reserve potential is much greater. A geothermal well drilled in 1993, the Alpine Federal #1, encountered oil and vugular porosity in the Supai carbonates. The PetroSun NZ 15-1 has shows of oil and discovered natural gas on the Concho Dome with oolitic and oolmoldic porosity in excess of 30% in the dolomites that contain oil and gas, indicating that reefs are present in the Supai. The 1959 Pan America wells on either side of the Concho Dome also encountered oolitic Supai dolomites containing shows of oil. Based on a high precision gravity and multilevel aeromagnetic survey in the Concho area, there is an area of high density between Mesa Redonda and the Concho Anticline, which has been interpreted as carbonate sequences. That area coincides with the surface anticline across the Concho Dome, so the structure overlies and may reflect a reef buildup in the Supai. Since Concho Dome is along the edge of the upper Supai salt basin, reefs, beaches and sandbars may all contain oil and natural gas. In addition, an oil and gas test south of St. Johns flowed water at the rate of 700 gallons per minute (24,000B/D) from sand in the Supai. Therefore, the Supai has the potential for prolific production rates from the sands, as well as vugular dolomites (a geological formation that is highly porous). The Permian Supai oil reserves based on volumetric calculations using the porosities encountered by Ridgeway Petroleum and PetroSun allow for 553,900 barrels per 40 acres and/or 1.9 BCF of gas per 640 acre spacing. The Permian Coconino oil reserves based on the Boundary Butte Field are 330,000 barrels per 40 acre spacing. The Holbrook Basin has not been extensively developed for oil. As such, it should be considered a new area of exploration. However, natural gas (Helium) has been produced from the Pinta Dome field within 5 miles from the NZOG 17-01 well prospect. Decline in production required the closure of the processing plant and the abandonment of the Pinta Dome gas field in 1976. Access to Production Facilities In the event that oil is discovered, Mr. LeBlanc, the project operator, believes the raw oil product can be transported via truck to a delivery terminal approximately 45 minutes away. Trucking costs would be minimal to transport the crude oil to the terminal. [/QB][/QUOTE]
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