Eldorado Joins in Drilling of 2 Wells in Illinois
Eldorado Exploration is participating in two wells to be drilled in April of 2008 in Illinois. The 'PIP' Process has identified over 100 potential drilling locations in only 3 counties, and Eldorado Exploration anticipates that the reef trend could extend over parts of 3 states.
David T. (Tom) Laurance, President and CEO of Eldorado Exploration, Inc., stated, "The EDEX philosophy is to find 50 1,000,000 BBL fields as cheaply as possible instead of risking millions on finding 1 50,000,000 BBL field." Eldorado Exploration has identified hundreds of wells in 5 states with a potential of 2 BCF of gas each, or oil reserves ranging from 200,000 BBLs to 1,000,000 BBLs each.
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.
- EDEX Plans to Become a Fully Reporting Bulletin Board Trading Stock (Mar 25)
- Eldorado Exploration to Drill 3 Oil Prospects in Nebraska (Mar 11)
- Eldorado Joins in Drilling of 2 Wells in Illinois (Mar 04)