Strategic American Oil has received its fourth 3D seismic survey from Echo Geophysical Corporation. The Ricardo survey covers 33.60 square miles in Kleberg County, Texas, and is located to the North of the Company's Kenedy County 172 sq. mile survey. The Ricardo survey is located within a portion of the prolific Frio Sand trend and lies just North of Manti Operating Company's Loyola Beach discovery which, according to the Texas Railroad Commission's records, has produced more than 7 Billion Cubic Feet of gas and 400,000 barrels of oil to date. Mr. Bob Bennett, a Corpus Christi geophysicist with over 20 South Texas discoveries to his credit, assisted the Company in the selection of this survey.
Randall Reneau, President and CEO stated, "The addition of this 3D survey enhances the Company's exploration position in this prolific South Texas, Frio Sand trend which is one of the larger producing oil and gas trends in Texas. As seen through the evaluation of our first 3D seismic survey of a 172 square mile shoot in Kenedy County, which identified an anticlinal structure with 4-way closure covering portions of six sections, these 3D seismic surveys will greatly aid in the development of additional drilling prospects in an area of proven multiple Billion Cubic Feet gas discoveries. As an oil and gas exploration company, we understand the importance of utilizing today's increasingly sophisticated 3D seismic surveys to enhance our chances of discovering and developing economic oil and gas wells which add to our proven developed producing reserves and increase our daily production."
The Company plans to continue to acquire additional 3D seismic surveys to further its goal of developing a quality portfolio of in-house drilling prospects.
3D seismic is a key tool in Strategic American Oil's exploration plans for discovering new oil and gas reserves along the gulf coast. 3D surveys allow the company to better define prospective oil/gas structures and identify drilling locations thus increasing chances for successful wells. Seismic surveys have become the number one prospecting tool in today's oil and gas exploration industry and are utilized by major oil and gas companies throughout the world.
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