International Oil & Gas Hits in Nevada
International Oil & Gas Inc. announced, in joint venture with Isern Oil Nevada, LLC, that its operator has been instructed to continue drilling to a target depth of 6,000 feet at the Company's Sleeping Giant Oil Project in Nevada.
International Oil & Gas initiated drilling at its Nevada project last month. The operator has reported to be at a current depth of approximately 5,300 feet.
Mike Stewart, president of International Oil & Gas, commented, "Positive indications from the initial drilling program have strengthened our confidence that Sleeping Giant is a potentially significant oil discovery. We look forward to communicating the progress of this property in the near future."
Geological reports on The Sleeping Giant Oil Project suggest that the calculated volumetric oil reserves could be in excess of a billion barrels of oil, which in geological terms is classified as a "Super Super Giant" oilfield.
International Oil & Gas, Inc. has a 50 percent working and 37.5 percent net interest in the Sleeping Giant Oil Project, which is a unique stratigraphic trap that covers approximately 26,000 acres and is located in Gabbs Valley, Nevada.