AllEnergy Corporation announced that it struck oil on its first well on the Princess Concession in Belize. The first well is expected to be completed and put into production following review by the Belize Regulatory Officials. It is estimated to contain up to 6 million barrels of recoverable oil. The reservoir was determined in size by Satellite Image and Chem-Tool. Pay zone depth was determined from actual drilling and mud logging. Porosity and saturation were gauged visually by outside consultants using statistical modeling with low side parameters, predicting a reservoir of 6 million barrels. This figure could grow depending on the trending of the reservoir.
Dean Sukowatey, President and CEO of AllEnergy Corporation, stated, "We are extremely pleased with our interests in this concession. AllEnergy purchased a non-dilutive four percent interest in a Belize corporation that owns half of the concession. The amount of potential here is tremendous. We look forward to developing the Belize concession."
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