Message #8 From:
Jason Date: February 22, 2007 07:44:15 PM
EDEX Stock News: Eldorado Exploration Palo Duro Well
David T. Laurance, President of Eldorado Exploration (Pink Sheets: EDEX) announced today that the company has completed an oil well in the Canyon Reef located in Briscoe County, Texas. Stock forum
Eldorado Exploration has a carried 6.25% working interest in the well and a 25% interest in over 16,000 acres of leases located in the Palo Duro Basin. The Company has access to an additional 65,000 acres identified by PIP as potentially productive.
Palo Duro Basin Reef highs that have the potential for oil production have been historically difficult to find using standard seismic methods because the surface of each producing area is small enough to miss. The Canyon Reef oil zones may only cover 20 - 60 acres, but are thick enough to have recoverable reserves of an estimated 400,000 to 600,000 BBLS of oil. The Company believes that there are over 300 potential oil wells on the owned and available acreage. Follow up wells will be attempted in 2007.
The Mesa well drilled by Eldorado Exploration in Roosevelt County, New Mexico is waiting for completion due in the 1st Quarter of 2007. The status of the well has been upgraded from possible to probable with 195 Ft of net pay in 3 zones down to 7064 Ft.
Eldorado Exploration, Inc. is an independent oil and gas company that utilizes a process called Passive Induced Polarization 'PIP' to detect electrostatic signals given off of some geological anomalies. In most cases, a positive response indicates a hydrocarbon accumulation and a negative reading is almost always a dry hole. When used with the standard geological tools and methods, the PIP process enhances the odds of success for discovering oil and gas.
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, uncertainty of future revenue and profitability, and fluctuations in its quarterly operating results. Please also be advised that Eldorado Exploration is a non-reporting Pink Sheets company and is not required to be registered with the Securities and Exchange Commission.
