Providence Begins Seismic Work of Val Verde Prospect

Providence Resources says that TRNCO Petroleum has completed the build out phase of developing Providence's Val Verde Prospect in Val Verde County, Texas, clearing the way for Dawson Geophysical Company to initiate the seismic data acquisition phase of the exploratory program. Dawson will implement an I/O System Two recording system in combination with the latest generation of state-of-the-art acquisition and processing parameters to obtain high-quality 3D seismic data intended to illuminate deep gas targets at depths ranging from 14,000 to 16,000 feet in the Ellenberger carbonate, Strawn carbonate and Pennsylvanian-Wolfcamp sandstone reservoirs.

The Val Verde Prospect includes 12,832 acres of oil and gas leases, and has multiple oil and gas target zones, including the Ellenberger, the Strawn Carbonate, the Strawn sandstone and the Canyon sands in a large structure delineated by prior seismic and drilling in the area. The Prospect is along a trend that has produced from multiple large gas fields, including the Gomez field, which has produced 10.6 trillion cubic feet to date; the Brown Bassett, which has produced 1.6 trillion cubic feet to date; and the JM Field, which has produced 650 billion cubic feet to date.

Dawson has moved data acquisition equipment into the field and expects to acquire 1 square mile of seismic data a day over 57 square miles of leases. Absent unforeseen delays, Dawson expects to complete the data acquisition by the first week of November. All accumulated data will be analyzed on a weekly basis. The anticipated final processing of seismic data is expected by the middle of January 2008. Interpretative work to identify and prioritize initial drilling locations will be completed in the first quarter of 2008.

Providence is an oil and gas exploration company actively engaged in the development of oil and gas leases in Comanche, Hamilton and Val Verde Counties, Texas.


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