Philippines Royal Oil & Alternative Energy Co., Inc. Announces Promising Results of Laboratory Analysis on Crude Oil Sample From Calatrava Oil Find, Indicating High Kerosene and Gasoline Content ( BusinessWire )
MANILA, Philippines, Apr 02, 2007 (BUSINESS WIRE) -- Philippines Royal Oil & Alternative Energy Co., Inc. (OTC: PROL), previously Philippines Gold Mining Corporation (Old OTC Symbol: PGMC), announces that the laboratory results on the crude oil sample taken from the Calatrava Oil Find, Phil Oil's first oil project, have been released. The laboratory test was conducted by the Energy Research & Testing Laboratory Services of the Philippine Department of Energy. Utilizing the fractional distillation method, the lab analysis result indicates that the oil sample from Calatrava contained the following: Component Method % Content ----------- ------------------------ ----------- Water Boiling Point Difference 8.00 Gasoline -same- 7.50 Kerosene -same- 63.00 Residue -same- 18.50 Others -same- 3.00
Furthermore, the crude oil sample had an API Gravity of 11.78, which qualifies it as "heavy oil". Kerosene, aside from being a heating fuel used mostly in 3rd world countries and a solvent in the paint/colorant industry, may also be converted through further processing in a refinery into jet A-1 fuel used by airliners throughout the world.
Gary Gotanco, President/CEO states: "The very promising laboratory results obtained is but an initial indication of the quality of crude oil in the Calatrava Oil Find. Phil Oil will then go through the systematic oil exploration method of conducting additional tests, i.e. geological, geophysical, and geochemical studies, including a seismic survey to determine the extent of the five elements necessary for a good oil prospect: the source rock, mechanism of migration, the trap, cap rock, and the oil reservoir. Once it has been determined through these tests that all five elements are present, and if the estimated recoverable oil reserves are of commercial quantity, only then shall we proceed with the conduct of a costly oil well drilling program."
Meanwhile, Phil Oil clarifies that it was not responsible for nor has any knowledge of the reasons behind the recent unusual increase in trading volume and stock price of PROL.
For the full laboratory analysis/test report, and additional information on Phil Oil, please view Phil Oil's website:
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Philippines Royal Oil & Alternative Energy Co., Inc. Philippines Royal Oil & Alternative Energy Co., Inc. (Formerly Philippines Gold Mining Corp.) Philippines Investor Relations: Gary Gotanco, 310-728-6907
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