IRVINE, Calif.--(BUSINESS WIRE)--Eldorado Exploration, Inc. (PINK SHEETS:EDEX - News) announced today that the Mesa #1 well in Roosevelt County, New Mexico reached a total depth of 7062'.
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The well reached its total depth after 35 days of drilling, at which time, the Halliburton Company was brought in to log the well. After evaluating the results, the drilling rig was released and a completion rig will be ordered for further testing and completion, if the multiple oil and gas zones identified prove to be productive.
"At 7025 feet, the Granite Wash is the deepest potential oil zone and the logical first completion should testing verify the initial drilling results," stated David T. (Tom) Laurance, the company's President. Gas well spacing will be 160 acres per well and oil wells can be drilled on 40 acre spacing. Eldorado has a net 33% working interest in 11,300 net acres covering the Mesa Field.
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.
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