Palo Duro Energy Completes Acquisition Phase of Airborne Survey
Mr. Mark Bush, President of Palo Duro Energy provided the following update on recent activities in the Palo Duro Basin projects. The Company has been actively participating with its joint venture partner Bankers Petroleum (US) Inc. on the development of the Palo Duro Basin. A detailed landholding review and digital mapping of all areas of interest has been completed as a solid base for understanding the large target areas represented by the Palo Duro Basin. Bankers as operator, has drilled and partially tested the Cogdell #64-1 well where a rate of 325mcf/d was established in the "Granite Wash" sands. The flow rate in this sand interval is very positive from a vertical profile. A plan for a horizontal well out of the Cogdell #64-1 is currently in progress with the expectation of higher production rates from the sands. Testing in the bend shale is ongoing but has been slowed by down hole mechanical issues.
The Black 4-1 well has been drilled and has reached total depth. Electric logs have been run and are currently being reviewed. Testing will commence after pipe has been run and cemented. Results will be announced when they are available.
Palo Duro has completed the data acquisition phase of a proprietary airborne electro-magnetic survey in portions of Motley and Floyd counties, in the Palo Duro Basin. The survey is an effort to define the presence and the distribution of Permian and Pennsylvanian sandstone and carbonate "reef" systems that frame the ancestral basin. The data is being integrated with conventional subsurface and seismic data in an effort to better understand the distribution of potential traps and reservoirs in the southern part of the basin. The survey is designed to supplement the ongoing test and evaluation efforts in the Atoka Bend shale, which has been the basin's active exploration objective in the past several years. Palo Duro Energy has a 27% interest with Bankers Petroleum in all exploratory activities in the basin and has been the most active operator in the Bend Shale play.
Warrants listed on TSX Venture Exchange
Palo Duro is also pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted for listing 56,251,500 share purchase warrants of Palo Duro (the "Warrants") previously issued upon the deemed exercise of subscription receipts sold in a private placement that closed on May 25, 2007. Trading of the Warrants on the Exchange started on July 26th, 2007 under the symbol "PDE.WT".
Palo Duro Energy Inc. is an oil and gas exploration and development company with a fully equipped and staffed operations office in Houston, Texas and corporate offices in Vancouver, British Columbia. The Company holds a 27% interest in over 400,000 net acres of prospective oil and gas leases in the Palo Duro Basin in northwest Texas.
- Palo Duro Energy Completes Acquisition Phase of Airborne Survey (Aug 02)