Eldorado Exploration, Inc. Adds Multiple Prospects
Monday May 22, 11:16 pm ET
IRVINE, Calif.--(BUSINESS WIRE)--May 22, 2006--Eldorado Exploration, Inc. (Pink Sheets:EDEX - News) announced today that it has entered into an agreement with Stable Resources of Lubbock, Texas, to acquire 4,300 acres in the Palo Duro Basin in West Texas. The acreage covers eleven prospects identified by Passive Induced Polarization (PIP), a process used by Eldorado to identify potential oil and gas accumulations. The wells will be drilled to test Canyon Reef formations which could have recoverable reserves of 500,000 BBLS or more per location. At prices of $60 per barrel (42 U.S. Gallons), each well could produce $30,000,000 over 15-20 years. Eldorado would earn a 75% working interest in each well. The company now has rights to drill on 62,000 acres under lease in Texas and New Mexico, with over 100 identified well locations.
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The first large well to be drilled on a PIP-located site for Eldorado is expected to start drilling in Texas on June 15th, 2006. The second well in New Mexico will drill soon after in July. Additional wells will depend on rig availability.
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. Stable Resources LLC has recently completed a gas well discovery in Runnels County, Texas, using the PIP process.
For further information about the company visit www.eldoradoexploration.com or email at eldoex@yahoo.com
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.
Contact:
Eldorado Exploration Inc.
David (Tom) Laurance, 949-916-0680
www.eldoradoexploration.com
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Source: Eldorado Exploration, Inc. |
