Eldorado Discovers 95 Feet of Pay at Mesa #1

Permian Basin, Texas
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Eldorado Exploration, Inc. on Tuesday said that its Mesa #1 well in New Mexico has discovered 2 Permian Aged Gas Sands at 1340' - 1370' and from 1875' - 1940' for a total of 95' of pay. Both intervals exhibited good drilling rates and gas shows that increased while drilling and were logged as gas bearing.

Production testing will commence after the casing, set to 7000' to test the Granite Wash, has been recovered. The Granite Wash had non-commercial gas.

Eldorado Exploration, Inc. has 11,300 net acres on the structure that was indicated by Passive Induced Polarization (PIP) as gas bearing. Additional wells will be drilled on 160 acre spacing. The Company has learned a great deal about the geology of this area and can take advantage of the lower cost of drilling shallow wells with the increasing prices of natural gas. A pipeline will be built by a third party when sufficient reserves are proven.

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.


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