Petro Resources Increase Stake in El Vado East Prospect
Petro Resources reports acquisition of working interest in the El Vado East prospect in New Mexico.
The El Vado East prospect is Mancos Shale exploratory oil play encompassing a total of 90,000 acres located in the Chama Basin in Northern New Mexico. The Company has a 10% working interest and an 8.0% net revenue interest in the prospect, which will be operated by Approach Resources Inc.
The Mancos Shale, a thick, organic rich Upper Cretaceous marine shale, is the primary objective. The Dakota, Morrison, Todilto and Entrada formations are secondary objectives. The prospect is in close proximity to several highly productive fields including the West Puerto Chiquito and East Puerto Chiquito fields and the Boulder field. Collectively these fields have produced approximately 30 million barrels of oil equivalent (mmboe) from the Mancos Shale.
The Company expects that the first of four vertical test wells will be spud in the fourth quarter of 2007. Depending on the initial results of these wells, a 3-D seismic shoot may be conducted over a portion of the prospect.
Petro Resources Corporation is an independent oil and natural gas company engaged in the acquisition, development and exploitation of properties located in the continental United States. The Company typically takes significant non-operated positions in producing properties where the operator is a company, either public or private, that has significant experience and technical expertise in the region or basin. Our business strategy allows the Company to make acquisitions in many different regions, maintain a balanced portfolio of oil and natural gas and manage risk.
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