Eldorado Exploration to Raise Funds with Private Placement
Eldorado Exploration Inc. (Pink Sheets: EDEX) has agreed to sell 4 million shares of its common stock to Stable Resources LLC at 10 cents per share for a total of $400,000. David T. Laurance, the president of Eldorado Exploration, and Clayton Fowler, managing partner in Stable Resources LLC, view this transaction as a positive opportunity for both companies. Fowler is also a director of Eldorado Exploration.
Stable Resources is a Lubbock, Texas-based independent oil and gas development company that also is a joint venture partner in multiple wells and leases with Eldorado.
Eldorado also announced that construction of the well pad site and associated location work has been completed on the Glasscock County, Texas well. Drilling is scheduled to start during the last week of June based on rig availability. The company also will push back the start date of its Mesa well in New Mexico, until the Texas well has been drilled and evaluated. It is expected that each well should take 10-12 days to drill to total depth.
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.
- EDEX Plans to Become a Fully Reporting Bulletin Board Trading Stock (Mar 25)
- Eldorado Exploration to Drill 3 Oil Prospects in Nebraska (Mar 11)
- Eldorado Joins in Drilling of 2 Wells in Illinois (Mar 04)