EDEX: Eldorado Exploration Announces Joint Venture
Monday March 20, 8:00 am ET
IRVINE, Calif.--(BUSINESS WIRE)--March 20, 2006--Eldorado Exploration (Pink Sheets:EDEX - News) has entered into a joint venture with a private capital group to fund the drilling of the company's Mesa gas prospect in Roosevelt County, N.M.
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The investors will earn half of Eldorado's 75 percent working interest for funding the drilling cost of the first well on the 11,000+ acres currently leased. After a discovery, Eldorado will pay its percentage share on any future wells drilled.
The Mesa prospect was originally identified by a process called Passive Induced Polarization (PIP) which David T. Laurance, the president of the company, has been using since 1992. Geology studies on wells drilled in the Mesa area, which include seismic indications, have outlined a structure with the potential to recover up to 1 TCF of natural gas. A discovery could indicate future revenues of approximately $2 billion to Eldorado's net interest under the current leased oil and gas rights. An additional 20,000 acres will be sought immediately following a successful well.
Please visit the company's Web site at www.eldoradoexploration.com or e-mail at eldoex@yahoo.com.
