PFNO moving hugely today on after yesterday's news:
ParaFin Corporation Will Focus on 3-D Re-Processing of Existing Seismic Data From
the Company's Approximately 6,000,000 Acre Hydrocarbon Farmout Concession in the
Republic of Paraguay
RENO, NV, Mar 10, 2010 (MARKETWIRE via COMTEX) -- ParaFin Corporation
(PINKSHEETS: PFNO): The Directors of ParaFin Corporation have approved a
development program for the approximately 6.6 million acre hydrocarbon Farmout
Concession in the Republic of Paraguay based on the geophysical report of Byron
Ayme, consulting geophysicist, dated January 1, 2010. The report can be viewed on
the Corporation web site at parafincorp.com.
Utilizing the recommendations of the January 1, 2010 report of Byron Ayme,
ParaFin Corporation plans to do extensive 3-D re-processing of all existing
seismic data. The re-interpretation of all existing seismic data will be done in
Houston, Texas and Calgary, Alberta. The labs have the latest equipment available
to do the 3-D re-interpretation of existing seismic.
The geophysical report dated January 1, 2010 indicates the Alto Parana Region's
Reserves have a very high probability of approximately 2,000,000,000 (Two
Billion) Barrels of Crude. ParaFin has concluded that the region also has
potential for substantial gas reserves.
Brazil's latest offshore discovery, estimated at 33,000,000,000 (33 Billion)
Barrels, confirms the potential for reserves in the Chaco Parana Basin that
covers most of Paraguay and portions of Brazil, Uruguay, Argentina and Bolivia.
After the re-interpretation of all existing seismic data, the Farmout Agreement
requires ParaFin to drill a well to a depth of the shallowest of (1) eleven
thousand five hundred (11,500) feet, (2) the bottom of the Devonian formation or
(3) the basement underlying the site of the Farmout Obligation Well on the Alto
Parana Concession.
Contact Name:
Sid Fowlds
Cell: 213 604-6504
SOURCE: ParaFin Corporation
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