Earth Search Sciences/Petro Probe Participating in Centennial Project, A
51-sq-mi 3-D Seismic
Survey Over the 100-Yr-Old Spindletop Field Nearby Beaumont, Texas
Business Editors
KALISPELL, Montana--(BUSINESS WIRE)--Jan. 15, 2002--Earth Search
Sciences, Inc. (ESSI) (OTCBB:EDIS), (http://www.earthsearch.com),
today announced that it is participating with International Petroleum,
LLC who owns 37.5% working interest with Petro-Hunt, LLC of Dallas who
owns 37.5% and St Mary Land & Exploration Company of Denver who owns
the remaining 25% working interest.
Petro-Hunt is the operator for this project. There is also a 15%
working interest, carried through the seismic shoot and
interpretation, to a group of oilmen in Dallas. This project is
expected to be a multi-year exploration and development program around
the Spindletop field in southeast Texas.
Spindletop field is near Beaumont, Texas and was discovered over
100 years ago on January 10th, 1901, with the initial well producing
an estimated 80,000 to 100,000 barrels of oil per day. To date the
cumulative production is as follows:
-0-
*T
Formation Acres Barrels-Oil (million)
--------- ----- ---------------------
Cap Rock 250 55
Miocene 150 80
Frio 90 17
----------------------------------------------------------
Total Production 152
*T
All of this production was found by random drilling as Spindletop
has never been seismically evaluated. It is totally illogical to think
that 3D seismic won't reveal some untested reservoirs of these
magnitudes. This discovery marked the beginning of the modern
petroleum industry and was the foundation of several companies that
became giants such as The Texas Co. (forerunner of Texaco), Gulf Oil,
Cities Service, Humble Oil Co. (forerunner of Exxon USA) and Pan
American (forerunner of Amoco).
The Centennial Project currently consists of 22,625 +/- gross
acres of leases and options in the Spindletop 3D shoot. This 51 square
mile 3-D seismic survey was completed during March 2001 with
preliminary data received in July. The data quality is reported to be
very good and interpretation is in progress. Initial analysis suggests
drilling plans could commence on the first prospect in early 2002.
Partners have expressed plans to drill as many wells as possible
during 2002, to evaluate and test oil and gas traps identified by the
3D seismic survey. Earth Search Sciences, Inc. / Petro Probe has a
3.50% working interest in this project, which could launch the
company's oil and gas revenues into enormous long term profits.
The 3-D seismic survey is a new technology being applied to this
100-year-old field to identify traps associated with, and surrounding,
the salt dome. International Petroleum states, "When you combine the
major deep gas exploration potential with shallow oil exploration
potential verified by 3-D seismic, you have a remarkable opportunity
that covers multiple target horizons which have tremendous reserve
potential."
Earth Search Sciences, Inc.'s high resolution Probe - 1 sensor
utilizes the most sophisticated remote sensing technology available.
This hyperspectral imagery has been collected over this entire region.
After oil and gas reservoirs have been discovered by utilizing 3D
seismic, Earth Search will integrate its data into the new discoveries
in order to assist Earth Search in its future development activities
on this Spindletop project. We believe this use of integrated applied
technologies, in mature fields, can greatly enhance reservoir
characterization and create efficient field development.
Centennial Project is a continuation of our Texas - Louisiana Gulf
Coast exploration efforts. This opportunity for Earth Search Sciences,
Inc. / Petro Probe represents the kind of world-class projects in
which the company is participating. We are excited to begin the
drilling stage on prospects to validate company strategy and
technology enhancement. Future updates will provide additional news
concerning on-going exploration and hyperspectral imagery projects.
-0-
This news release includes forward-looking statements that involve
a number of risks and uncertainties. The information reflects numerous
assumptions as to industry performance, general business and economic
conditions, regulatory and legal requirements, taxes and other
matters, many of which are beyond the control of the company.
Similarly, this information assumes certain future business decisions
that are subject to change. There can be no assurance that the results
predicted here will be realized. Actual results may vary from those
represented and those variations may be material.
--30--KS/se*
CONTACT: Earth Search Sciences
Tim Monroe, 406/751-5200
tim@earthsearch.com
KEYWORD: MONTANA TEXAS
INDUSTRY KEYWORD: OIL/GAS
SOURCE: Earth Search Sciences
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Jan-15-2002 14:02 GMT
Symbols:
US;EDIS
Source BW Business Wire
Categories:
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