CORDEX Closes Purchase of Interest in Laguna Los Capones Field.DENVER, Colo.--(BUSINESS WIRE)--May 16, 1996--CORDEX PETROLEUM (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CZX.A) CORDEX announces that it has closed on a purchase of a 50 percent interest in the Laguna Los Capones field and associated exploration block located in the Austral aus·tral adj. Of, relating to, or coming from the south. [Latin austr  lis, from auster, austr-, south. basin of Argentina. Laguna Los Capones is an oil and gas field which has produced 2.57 million barrels of oil since it went on production in 1979. An unmeasured amount of associated gas has been flared flare v. flared, flar·ing, flares v.intr. 1. To flame up with a bright, wavering light. 2. To burst into intense, sudden flame. 3. a. during the production of that oil. Original oil in place was estimated by an independent engineering firm to be 13.886 MM barrels of oil and 36.6 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter of gas. Present production in the field is 140 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot . CORDEX's initial evaluation indicates that several wells may have been prematurely shut-in, presenting the possibility of increasing present production by re-completing various wells. The larger potential lies in exploitation of additional probable and possible reserves from the Laguna Los Capones field and from unexplored areas of the associated 100,000 acre Laguna Los Capones exploration block. CORDEX has mapped several undrilled leads on the block. These leads could be of similar size to the Laguna Los Capones field. CONTACT: CORDEX Petroleums Inc. Bob Zilinski, 303/297-2016, ext. 122 |
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