First Petroleum Secures 2 Leases in the San Juan Basin of New Mexico

First Petroleum & Pipeline Inc. has secured the rights to two Federal Oil & Gas Leases located along the southern edge of New Mexico's San Juan Basin. The leases are located in Cibola County, along one of the largest natural gas basins in North America.

The San Juan Basin of northwest New Mexico and southwest Colorado is the second largest gas field in the conterminous U.S. The U.S. Geological Survey estimates a mean of 50.6 trillion cubic feet of undiscovered natural gas, and a mean of 148 million barrels of natural gas liquids.

The San Juan Basin is a strategic target area for First Petroleum. To date the basin has produced in excess of 31 trillion cubic feet of gas, and 300 million barrels of oil, encompassing more than 300 oil and gas fields. These leases further solidify First Petroleum's asset accumulation strategy of securing properties in proven and producing regions.

New Mexico Oil & Gas

New Mexico has proven crude oil reserves of 677 million barrels (2003); ranked 4th out of all U.S. States, with crude oil production toping 181 000 barrels per day (2003), ranked 5th. There is an estimated 50.6 trillion cubic feet of undiscovered natural gas in the San Juan Basin, and 30 billion barrels of oil in the Permian Basin. Major producers and pipeline companies in the region include Arco, Mobil, Amoco, and Chevron among others.

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Brent Crude Oil : $54.46/BBL 0.96%
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