Eldorado Exploration Inc (fka EDEP)

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News:
Eldorado Exploration Well Results

IRVINE, Calif., Nov 29, 2006 (BUSINESS WIRE) -- Eldorado Exploration, Inc. (PINK SHEETS:EDEX) announced today that the Sparkman well in Hardeman County Texas has been plugged and abandoned as a dry hole. The target zone had oil shows in drilling, but had very little permeability and would not have been a commercial producer. Eldorado had a 5% working interest.

The company's Mesa well being drilled in Roosevelt County, New Mexico is at approximately 5000 ft. in depth and is expected to reach its first targeted zone at 6100 ft. sometime this weekend. The total depth of 7200 ft. would also allow the well to test the Montoya Dolomite zone at 7000 ft. Geology studies indicate the structure to be primary gas bearing with possible reserves of up to one trillion cubic feet. Eldorado has a net 33% working interest in the Mesa well and 11,300 leased acres covering the center of this very large reef based structure.

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 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.