Brek Updates Progress on Vallenar Well in Edwards County Texas.Business Editors SAN ANTONIO--(BUSINESS WIRE)--Aug. 22, 2002 Brek Energy Corporation (Nasdaq:BREK) (BSX BSX Bermuda Stock Exchange BSX Bandai Satellaview-X BSX Bicycle Super-X (Cross) :BREK) (BSX:BREK BH) today reports that Vallenar Energy Corp., a private company 51% owned and controlled by Brek Energy, announced that it has cased 840 feet and drilled, on an open-hole basis, to a total depth of 993 feet on the Marin Lease, well number 1-37, on it's Rocksprings Prospect located in Edwards County Edwards County is the name of several counties in the United States:
As of this date, Schlumberger has completed a combined triple wire log (electrical, acoustic and radioactive) evaluation of the rock and their fluids. The field print pertaining to the Glen Rose Glen Rose was the head basketball coach at the University of Arkansas at various times during the 1930s through the 1960s, as well as the head football coach for two seasons during World War II. Limestone formation has been reviewed by log analysts, determining that from 709 to 750 (41 feet) porosity averaged 23%, while sample drill cuttings Drill cuttings typically refer to any solids removed from a wellbore while drilling. The term specifically refers to shale cuttings generated when drilling petroleum wells, and is usually removed by circulating the drilling fluid over shale shakers. through this same interval showed bright gold fluorescence under ultraviolet light Ultraviolet light A portion of the light spectrum not visible to the eye. Two bands of the UV spectrum, UVA and UVB, are used to treat psoriasis and other skin diseases. in as much as 50% of the samples. These fluorescent samples were acid tested on site, which resulted in visibly active oil separation. Engineers are now assessing the possibilities of an acidized frac job with Halliburton Petroleum Engineers, in an effort to stimulate and test potential production in the Glen Rose. "Other operators in our immediate area have been successful in proving up significant reserves (proven and proven undeveloped) and substantial amounts of original oil in place throughout the Glen Rose formation The Glen Rose Formation, located in the Dinosaur Valley State Park in Glen Rose, Texas, is a fossil bearing bed dating from the Aptian-Albian boundary of the early-Cretaceous. The Glen Rose Trackway is located at the base of the formation, which covers 1500 acres. , in some cases with gravity ranging from 18 to 26 degree API," said Jeff Paquin, Vallenar's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "What is most encouraging to us, outside of the higher than expected porosity, is the thickness of our pay zone. At some 41 feet it is much more than what we had been hoping for, and double what has traditionally been encountered by our neighbors when developing their acreage." The Company is awaiting the final analysis of the separate log that was subsequently completed in the deeper Travis Peak sandstone formation. However, cuttings sampled from 930 to about 985 were asphalt-based and very viscous, and turned to liquid (creating oil stains) upon exposure to sunlight at the surface. Subject to final determination of the total depth of the Travis Peak sand and the gravity test of the oil, the Company is assessing various production techniques including testing the formation with a steam flood (huff and puff), possibly combined with horizontal gravity drainage. The Log Analyses Report is expected to be available within the week. "In this industry you invest money and hope that you get the expected results," continued Paquin. "When the actual results of your drilling greatly exceed your expectations, that is when this business gets really exciting and enjoyable. At this time there is still work to be done to fully assess what we have, but certainly the results to date are very encouraging indeed." About Vallenar Energy Corp. Vallenar Energy Corp. has strategically placed itself as an oil & gas company with its current focus on enhanced oil recovery Enhanced Oil Recovery (EOR) is a generic term for techniques for increasing the amount of oil that can be extracted from an oil field. Using EOR, 30-60 %, or more, of the reservoir's original oil can be extracted [1] compared with 20-40% [2] projects in Texas. The Company has leases for over 8,500 net acres of shallow oil & gas properties in Edwards County, Texas Edwards County is a county located in the U.S. state of Texas. In 2000, its population was 2,162. Edwards is named for Haden Edwards, an early settler of Nacogdoches, Texas. The seat of the county is Rocksprings6. Geography According to the U.S. . Vallenar objectives are to structure and develop an economically viable enhanced oil recovery program on this property utilizing a combination of past, present and cutting edge methods of recovery. About Brek Energy Corporation Brek Energy Corporation is an exploration and development company with interests in non-conventional oil Non-conventional oil is oil produced or extracted using techniques other than the traditional oil well method. Currently, non-conventional oil production is less efficient and some types have a larger environmental impact relative to conventional oil production. and gas resources in Texas and the Rocky Mountains. Brek Energy Corporation, formerly First Ecom.com Inc., also provides electronic payment solutions through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , First Ecom Systems Limited. The Company has a national market listing and its common shares trade on the NASDAQ National Market System under the symbol BREK. For more information, visit www.brekenergy.com or contact Brek Energy Corporation at +(852) 2801-5181 or by e-mail at info@brekenergy.com. Certain statements contained herein are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements include significant risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a discussion of some of these risks and uncertainties, please refer to the company's SEC filings, which contain additional discussion about those risk factors, which could cause actual results to differ from management's expectations. Brek Energy expressly disclaims any obligation to update the statements contained herein. |
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