FMNJ news in case you missed it! All hits at ask right now!
Franklin Mining, Inc. Forms Franklin Oil & Gas, Bolivia
LAS VEGAS, NV -- (MARKET WIRE) -- 04/25/06 -- Franklin Mining, Inc. (OTC: FMNJ) is forming Franklin Oil & Gas, Bolivia as a subsidiary. Franklin CEO, Jaime Melgarejo and executives of Bolivia's Yacimientos Petroliferos Fiscales Bolivianos (YPFB) have been discussing a joint relationship to assist with natural gas industrialization and help eliminate the need for imported diesel fuel. They expect to name their first project within a week.
YPFB, a state-owned company, is charged with overseeing the exploration, drilling, production, refining, transportation and distribution of both crude oil and natural gas in Bolivia.
Among all South American countries, Bolivia's proven natural gas reserves are second only to Venezuela and significantly greater than Argentina. A US Department of Energy report published in October 2005 confirms there have been several important discoveries in recent years adding another 48.0 Trillion Cubic Feet of proven, probable and possible natural gas reserves to Bolivia's previously proven reserves of 26.7 Tcf.
Oil reserves are currently reported to be 441 million barrels and Bolivia's two refineries have a combined average daily refining capacity of 47,250 barrels per day of crude oil. These refineries meet the country's demand for gasoline and jet fuel, however, some petroleum products, especially diesel, must be imported.
President Evo Morales and Hydrocarbons Minister Andres Soliz have indicated that they are planning to use these significant natural resources to stimulate Bolivia's economy which could result in increased prosperity.
It's FOREX time everyone!
