EGYF-News out over weekend:
Friday , November 14, 2008 19:00ET
DALLAS, Nov. 14 /PRNewswire-FirstCall/ - (OTC-EGYF.PK) The company announces that Mr. Robert Klein has been appointed as Vice president to the company and will be in charge of the companies' Oil & Gas lands portfolio.
Historic Information on Trinity Sands:
Since 1969, companies such as Shell, Getty, Murphy Oil, Dorchester and Carmel Energy have drilled and cored wells to quantify the heavy oil resource and have tested steam recovery in this project area. The well data encouraged further drilling and testing, but the then existing economic conditions did not support commercial development. There are also references to primary oil production from one of the wells.
In 1986 Meteor Developments Inc. undertook a technical study of the Rocksprings area and prepared a commercial development plan based on steam flood technology. Meteor's plan included the construction of an 80,000 barrels of oil per day oil treating facility. However, the development timing conflicted with the downturn in oil prices in the mid and late 1980s.
Two formations in this area are oil bearing - the Paluxy Lime (average depth of 500 ft.) and the Trinity Sands (average depth of 1,000 ft.).
The majority of the data for the Trinity Sand formation comes from wells drilled en route to the deeper gas formations. Electrolog and core analyses demonstrate oil in the Trinity Sand formation throughout the area, but no commercial production has been established to date. Aggregate sand sections vary from 40 to 140 feet in thickness.
The rock varies from fine-grained sand to gravel and has no "unfriendly" clays, which would interfere with steam recovery. The data show the oil in the formation to have an average saturation of 64% of 9 degrees to 16 degrees API gravity. Permeability varies from 500 millidarcies to as much as 10 Darcies with an average value of about 5 Darcies. The sands are high porosity averaging 32%. These reservoir characteristics indicate a rich deposit with oil in place of over 1600 barrels per acre-foot as represented by the core data. This data is quoted as general information and is not NI 51-101 compliant.
In addition, the Marble Falls limestone has produced 500 MMCF since 1957 from two wells drilled to a 70-foot porous limestone at a depth of 4,200 feet, which is known as the Lula sub-project and is on Mega West Energy lands. Five miles east, a reef-like limestone of over 180 feet thickness at a depth of 4,700 feet has been intersected and may extend over 4,000 acres.
EnergyFinders, Inc.
5430 L.B.J. FWY, Suite 1200
Dallas, TX 75244
Phone: (604) 687-7492
Fax: (604) 677-0808
We are an independent energy company engaged in oil and gas exploration, development and production. Energy Finders Inc. and Mega-West Energy Inc. have entered into a joint venture to develop a heavy oil project in south-west Texas. Energy Finders has entered a joint venture with Mega West Energy, Inc. to develop the Trinity Sands heavy-oil project west of San Antonio, Texas. Energy Finders will retain a 23.33% working interest in the project after development. The Project area presently comprises 34,000 acres, more or less. Energy Finders, Inc. and its joint venture partner are acquiring additional lease blocks for the Project on an ongoing basis.
FORWARD LOOKING STATEMENTS
The statements contained herein which are not historical are forward-looking statements that are subject to risk and uncertainties that could cause actual results to differ materially from those expressed, including but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's press releases.
Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and, except as required by law, EnergyFinders does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Energy Finders
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