Eldorado Drills Well on 11,000-Acre Structure in New Mexico
Eldorado Exploration has drilled a well on an 11,000 acre structure in New Mexico with 95' of logged gas sands. Completion and testing are scheduled to be done in the 2nd Quarter 2008. There could be up to 50 gas wells on the company's acreage.
Eldorado Exploration discovered the large gas field in New Mexico with the PASSIVE INDUCED POLARIZATION (PIP) technology. The Mesa gas field in New Mexico needs approximately 15 wells drilled offsetting the discovery well in order to have the closest pipeline built to a gathering system to transport the Company's gas. Potential reserves could exceed 60 billion cubic feet. Eldorado Exploration has a 33% working interest which could deliver over $100,000,000 in total future revenue at today's prices.
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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