Eldorado Exploration, Inc. (Pink Sheets: EDEX) is an oil and gas exploration company with operations in Texas and New Mexico. Eldorado combines the utilization of the latest technology, Passive Induced Polarity (PIP), with current established standards in geology, geophysical science, telluric, seismology, computer enhancements and other available methods to discover large commercially viable oil and gas deposits. The ‘PIP’ method, which was developed by an Eldorado associate, allows the Company to search for electro-magnetic signals that can indicate a potential accumulation of hydrocarbons. A negative signal is almost always a dry hole and a positive signal has a 60 - 70% chance of having a commercial find. Eldorado is poised to become a significant player in new field discovery with large to giant field prospects with over 65,000 acres under lease and up to 125,000 additional acres to lease over additional ‘PIP’ identified prospects.
Eldorado will concentrate its exploration efforts on large to giant targets in lightly explored geological basins. Most large targets, in high producing basins, have been extensively drilled in easily identified structures since oil exploration began in Texas, Oklahoma, and other oil producing states since the early 1900s.
Limited drilling usually means the hydro-carbons are either, not in sufficient quantities, expensive to produce, difficult to identify thru standard methods, or everyone has overlooked possibilities because they were hard to recognize. The ‘PIP’ process can be used to cover a large prospective area in weeks for a few thousand dollars when Seismic may take years for several different companies to combine millions of dollars of 3D & 2D Seismic to give them a clue of what they are looking for and still might miss the targets the ‘PIP’ process can find. One example is the Mesa well where a large discovery has been made just over a barren reef. The reef was hundreds of feet thick and masked a stratagraphic trap which was registered by the ‘PIP’ equipment as electro-magnetic signals showing oil and gas. The structure has been known for years by Shell Oil and others, but incorrectly interpreted.
The second example, a Palo Duro Reef play, is a series of island highs on an ancient reef that is very hard to find with Seismic and then is usually passed on as too small. A major company would rather look for a 50,000,000 BBL field, where Eldorado can see 100 one well highs, with an average of 500,000 BBLS each for the same outcome, but using different methods and company philosophy.
Eldorado has identified 5 large prospective areas with the potential to be multi-billion dollar targets.
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