IRVINE, Calif.--(Business Wire)--Although 2007 was a down year for Eldorado Exploration Inc.'s
(Pink Sheets:EDEX) stock price, the overall future of the Company is
poised for a big boost in 2008.
EDEX will finish the testing of the Mesa gas field in New Mexico
and is negotiating with an investment group to provide financing to
drill a minimum of 15 wells to prove up the reserves necessary to get
the pipeline built. The first income would not start until 2009, but
the reserve value behind EDEX stock should be a large multiple of the
present share price. The Company also has two additional lease
positions of 15,000 acres and 16,000 acres, with almost identical
'PIP' readings, located to the west of Mesa that the Company will
drill. If all three blocks are successful, Eldorado Exploration, Inc.
could have over 150 gas wells in New Mexico.
The North Dakota well in the Williston Basin should be completed
in the first Quarter of 2008. A partner in the well will be replaced
and other financing will be arranged to allow the operator to finish
the completion of the well. Additional wells are being drilled by
others on 'PIP' identified sites in North Dakota and those results
should be known in January. EDEX will evaluate the results of several
wells in the Lodge Pole Formation before committing funds for
additional drilling.
With each successful well Eldorado Exploration, Inc. participates
in, the next prospects become easier to fund. The Company tries to
drill prospects with many offset or "close-by" wells with a much lower
risk factor; therefore, when an exploratory well is drilled, there can
be many more wells to drill on the same prospect or lease block. A
good example is the Mesa field with a gas well drilled in the middle
of an 11,000 acre Eldorado Exploration lease block; whereas, the EDEX
may have at least 30 offset wells according to early projections.
The Company is also participating in two 4000 ft. wells during
January and February, 2008. If successful, the cash flow could start
within 90 days of completion. There are over 50 additional
PIP-identified locations for the Company to participate in if the
wells are productive. EDEX has a reduced interest in the first wells
drilled, but has no "at risk" money involved. Potential income could
exceed $20,000.00 per month per well to the Company.
EDEX has acquired leases outright, or options, to drill on over
100,000 acres with hundreds of 'PIP' sites in 5 states. The early
ground work and drilling has been done; now, the Company hopes to
participate in the development the opportunities that we have spent
the last 3 years accumulating.
Eldorado Exploration, Inc. has not sold any stock to raise funds
recently because of the low price per share and further dilution. The
Company has positioned itself to promote the interest in new wells
with partners who will put up the risk money, or even all of the funds
required, for half of Eldorado Exploration's share. This is allowing
the EDEX to participate in the drilling of wells without having to
sell additional stock to raise money.
Eldorado Exploration was formed to search for big targets with big
wells using the Passive Induced Polarization 'PIP' Geophysical
technology. We now have the opportunity in 2008 to show what we can
do. There has never been a better time to be in the oil exploration
business and we are finally ready to reap the rewards from our leasing
and 'PIP' surveying. With hundreds of drill sites and partners to put
up the risk money, we will be positioned for EDEX to grow from an
exploration company into a production company. It has been a struggle
at times, but our mission has never changed. We have had to adjust,
but will not rest until EDEX is very successful.
"Please contact me by phone or e-mail at any time. I am proud of
Eldorado Exploration, Inc. and thank you for your continued support.
Together, we will prevail," said David T.(Tom) Laurance, President,
Eldorado Exploration, Inc.
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.
For additional information about Eldorado Exploration, please
visit www.eldoradoexploration.com or e-mail eldoex@yahoo.com.
Eldorado Exploration, Inc.
David T. (Tom) Laurance, President
949-916-0680
Copyright Business Wire 2007
