Eldorado Exploration announced that the Company has agreed to drill 3 new prospects in Nebraska. The prospects range in size from a potential of 10 up to 40 wells with reserves from 100,000 to 250,000 BBLs per well. Drilling is expected to commence as early as May, 2008.
Also, Eldorado Exploration, Inc. remains ready to drill 2 Illinois wells in a shallow pinnacle reef system. Warmer weather is required to gain the county permit to move a drilling rig on county roads between January 15 and April 15. Drilling is expected to start in April and take from 7 to 10 days per well.
Eldorado Exploration, Inc. uses a technological process called PASSIVE INDUCED POLARIZATION (PIP) which greatly enhances the odds of finding commercial quantities of Oil and Gas. The process helps eliminate geological prospects that will be dry holes. Strong signals indicate commercial potential of discovering oil and / or gas. No signal or weak readings indicate low probability for a successful find. The cost of evaluating prospects is a small fraction of 3-D Seismic and takes much less time. 'PIP' technology takes days instead of months or years for 3-D Seismic.
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