Irvine Energy to Start Siesmic Program in 2Q07

Irvine Energy said its 2D and 3D seismic program at its Chattanooga Shale project will start in the second quarter this year, to establish targets for its proposed drilling program in the third and fourth quarters.

The company also announced maiden losses of 246,000 stg for the period from Sept 5, 2005 to Dec 31, 2006.

The company said it will start testing the Chattanooga gas shale potential with the help of 3D seismic program at an estimated cost of US $2.3 million by May 2007 and added drilling of initial wells should commence in August 2007.