Eldorado Exploration Inc (fka EDEP)

[themetallurgist]

Eldorado Exploration Well Results
Monday September 17, 6:00 pm ET


IRVINE, Calif., Sept. 17 /PRNewswire-FirstCall/ -- Eldorado Exploration, Inc. (Pink Sheets: EDEX - News) announced today the results of the acid frac stimulation on the Wanner 27-1 well in Stark County, North Dakota. The Company and its partners initiated an acid frac on 210' of the Lodgepole formation with 1000 BBLS (40,000 gallons) of gelled acid at the rate of 35 barrels per minute (1470 gallons per minute). After the acid frac, swabbing has returned a total of about 400 barrels of largely drilling mud along with a portion of the acid products and hydrocarbons. The swabbing rig was released and a pumping unit has been ordered for the final completion of the well. Swabbing uses a vacuum pull from above, and a pump pushes up from below, which can be much more efficient to moving the heavy acid limestone mix from the frac process to the surface.
ADVERTISEMENT


The fluids include crude oil and gas, verified by geochemical analysis of the fluid. Testing indicates that this Lodgepole reef well may be capable of producing crude oil at the rate of 250 BOPD. Due to a bottom hole pressure test of 4700 PSI, the zone could produce at a much higher rate after the zone cleans up. The Lodgepole mound reef play was first initiated by a discovery well drilled by Conoco in 1993 near Dickinson, North Dakota. By the end of 1996, there were 21 producing wells and 6 new fields. The better wells produced at rates of 1000 BOPD to over 2500 BOPD with substantial volumes of natural gas. Due to the subtle features, Lodgepole accumulations are difficult to find using conventional Seismic methods. Eldorado Exploration, Inc. has a 6% Working Interest in the Wanner 27-1 well. The company has agreed to participate in the drilling of 13 more Lodgepole wells in Stark County, North Dakota with a 33% of the Working Interest on all 13 wells.

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 improves the success rate 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 http://www.eldoradoexploration.com or e-mail [e-mail].

--->congrats to tom and everyone! there's oil.