PFNO will blast monday ,the OIL crisis is giving big leverage to oil plays and PFNO in particular is well poised to be a gainer from this issue
rom previous PR :
ParaFin Corporation Will Focus on 3-D Re-Processing of Existing Seismic Data From the Company's Approximately 6,000,000 Acre Hydrocarbon Farmout Concession in the Republic of Paraguay ParaFin Corporation Will Focus on 3-D Re-Processing of Existing Seismic Data From the Company's Approximately 6,000,000 Acre Hydrocarbon Farmout Concession in the Republic of Paraguay
RENO, NV, Mar. 10, 2010 (Marketwire) --
RENO, NV -- (Marketwire) -- 03/10/10 -- ParaFin Corporation (PINKSHEETS: PFNO): The Directors of ParaFin Corporation have approved a development program for the approximately 6.6 million acre hydrocarbon Farmout Concession in the Republic of Paraguay based on the geophysical report of Byron Ayme, consulting geophysicist, dated January 1, 2010. The report can be viewed on the Corporation web site at www.parafincorp.com.
Utilizing the recommendations of the January 1, 2010 report of Byron Ayme, ParaFin Corporation plans to do extensive 3-D re-processing of all existing seismic data. The re-interpretation of all existing seismic data will be done in Houston, Texas and Calgary, Alberta. The labs have the latest equipment available to do the 3-D re-interpretation of existing seismic.
The geophysical report dated January 1, 2010 indicates the Alto Parana Region's Reserves have a very high probability of approximately 2,000,000,000 (Two Billion) Barrels of Crude. ParaFin has concluded that the region also has potential for substantial gas reserves.
Brazil's latest offshore discovery, estimated at 33,000,000,000 (33 Billion) Barrels, confirms the potential for reserves in the Chaco Parana Basin that covers most of Paraguay and portions of Brazil, Uruguay, Argentina and Bolivia.
After the re-interpretation of all existing seismic data, the Farmout Agreement requires ParaFin to drill a well to a depth of the shallowest of (1) eleven thousand five hundred (11,500) feet, (2) the bottom of the Devonian formation or (3) the basement underlying the site of the Farmout Obligation Well on the Alto Parana Concession.
Contact Name: Sid Fowlds Cell: 213 604-6504
Source: Marketwire (March 10, 2010 - 2:28 PM EST)
the NEW DD $$$$$ >>>
all the BIG OIL players are working on OIL RECOVERY in the area where PFNO owns it right to earn an 80% interest in the Alto Parana Block consisting of 2,456,452 hectares (approximately 6.06 million Acres) in Alto Parana Province, Paraguay.
the latest OIL DISCOVERY in the region was filed by EXXON MOBIL(XOM) on the 18,dec 2010 !!!
and at the same date the Brazilian state-run energy company, also called Petrobras, announced the 11th well in the Tupi area confirmed estimates of recoverable reserves of between 5 billion and 8 billion barrels of oil equivalent.
Petrobras also holds a 20% stake in the BM-S-22 block. Exxon Mobil holds a 40% operating stake in the block, while Hess Corp. (HES) also has a 40% share.
By Farmout Agreement with Guarani Petroleum Exploration, S.A. Parafin has the right to earn an 80% interest in the Alto Parana Block consisting of 2,456,452 hectares (approximately 6.06 million Acres) in Alto Parana Province, Paraguay.
The Chaco Parana Basin in Paraguay is one of the last, largely unexplored, oil and gas frontiers in the world with known hydrocarbons. It covers most of Paraguay and portions of Brazil, Uruguay, Argentina and Bolivia. In Paraguay alone it covers an area of 98,840,000 acres (400,000 sq kilometers). To date, 49 exploration wells have been drilled in Paraguay
(a country with a landmass roughly the size of California). 24 of the exploration wells (49%) have oil shows. Within the Chaco and Parana Basins are established hydrocarbon areas where oil and gas have been produced in Argentina, Bolivia and Brazil since the early 1920’s.
HIS Energy, a US based energy consultancy, recently ranked Paraguay as the seventh best Oil and Gas fiscal regime globally, while its neighbor Argentina ranks 38th and the US 44th. Recent political and economic changes in the country, coupled with the establishment of gas imports to Southern Brazil from Bolivia, place Paraguay as an enticing area for exploration.
The US Geological Survey, in its 2000 world petroleum assessment study, estimated a resource potential of 900 million barrels of oil and 4.5 trillion cubic feet of natural gas for the Chaco Basin of northern Paraguay.
Parafin Corporation is seeking funding of up to $10M USD to fund operations for the exploration and exploitation of the company’s 6.06 million Acre Hydrocarbon Concession in Paraguay. Parafin will use the funding to proceed to the next stage of 3D seismic interpretation to locate drilling targets and then for drilling the targeted well sites.
ALL BIG OIL COMPANIES HAVE INTEREST THERE ,WITH PFNO HAVING THE RIGHT TO earn an 80% interest in the Alto Parana Block consisting of 2,456,452 hectares (approximately 6.06 million Acres) in Alto Parana Province, Paraguay
and the Arab countries oil supplies at risk >>>Big OIL Companies
will push things in REGIONS like the alto PARANA Region
PFNO is very likely to get support from a Big OIL player to push its operation on its PARAGUAY concession
PFNO concession is among BIG OIL PLAYERS fields ,PFNO is poised to get its funding from one of those BIG OIL players and that is a game changer for PFNO shareholders that could see their a great share price appreciation from these cheap price
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