Providence Completes Drilling 2 Exploratory Wells on Val Verde Leases

Providence Resources has completed drilling of the Carson 10-1 and Carson 12-1 exploratory wells to the Ellenberger reservoir interval in Val Verde County, Texas. While there was some showing of natural gas to surface for each well, e logs confirmed that the primary targeted formations were not wet and that gas shows and reservoir fracture porosity were found throughout both Ellenberger intervals. Formation evaluation and potential formation stimulation methods are now being assessed.

The assessment program involves the expertise of several consultants including Fairfield Industries of Houston, Texas, whose processing shop is working to provide a 3D inversion data set to better define the seismic properties surrounding the wells as well as updating the total prospect potential. Seismic inversion transforms seismic reflection data into quantitative rock properties that can better describe the reservoir. Log data is being evaluated by McGinley and Associates, Inc of Texas. Once these assessments are complete a final determination of the potential of these two wells will be made.

Providence's Chief Executive Officer, Gil Burciaga, stated, "Although we remain cautious in evaluating the immediate outcome of our drilling efforts, we are looking forward to the results of ongoing assessments as Providence plans its next steps forward."