Message #1 From:
NewsBot Date: June 29, 2006 09:34:00 AM
EDEX News Eldorado Exploration Drilling Started
IRVINE, Calif.--(BUSINESS WIRE)--June 29, 2006--Eldorado Exploration Inc. (Pink Sheets:EDEX) announced today that its Three Sisters well has commenced drilling in Glasscock County, Texas.
The well will test the Wolfcamp formation at 8,000 ft. and is a step out from the nearby Cobra field. The nearest three producing wells from the Wolfcamp are still flowing at a combined rate of 45,000 bbls per month after producing over 1,000,000 bbls each.
The company has 5 percent working interest in the well and results from drilling should be known in 16-18 days.
Eldorado Exploration Inc. is an independent oil and gas company that utilizes a process called Passive Induced Polarization "PIP" to detect electromagnetic signals given off of some geological anomalies. In most cases a positive response indicates a hydrocarbon accumulation and a negative reading almost is 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, and 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.
