Eldorado Completes Palo Duro Well
David T. Laurance, President of Eldorado Exploration, announced Friday that the company has completed an oil well in the Canyon Reef located in Briscoe County, Texas.
Eldorado Exploration has a carried 6.25% working interest in the well and a 25% interest in over 16,000 acres of leases located in the Palo Duro Basin. The Company has access to an additional 65,000 acres identified by PIP as potentially productive.
Palo Duro Basin Reef highs that have the potential for oil production have been historically difficult to find using standard seismic methods because the surface of each producing area is small enough to miss. The Canyon Reef oil zones may only cover 20 - 60 acres, but are thick enough to have recoverable reserves of an estimated 400,000 to 600,000 BBLS of oil. The Company believes that there are over 300 potential oil wells on the owned and available acreage. Follow up wells will be attempted in 2007.
The Mesa well drilled by Eldorado Exploration in Roosevelt County, New Mexico is waiting for completion due in the 1st Quarter of 2007. The status of the well has been upgraded from possible to probable with 195 Ft of net pay in 3 zones down to 7064 Ft.
Eldorado Exploration, Inc. is an independent oil and gas company that utilizes a process called Passive Induced Polarization (PIP) to detect electrostatic signals given off of some geological anomalies. In most cases, a positive response indicates a hydrocarbon accumulation and a negative reading is almost 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.