Eldorado Exploration to Drill in Texas.IRVINE, Calif. -- Eldorado (Pink Sheets:EDEX) announced today that it will participate in drilling an 8000' test of the Wolfcamp formation in Glasscock County, Texas Glasscock County is a county located in the U.S. state of Texas. In 2000, its population was 1,406. Its county seat is Garden City6. It is named for George Washington Glasscock, an early settler of the Austin, Texas area. Geography According to the U.S. . Expected drill date for the well is week three of June 2006. The prospect is based on analysis of Passive Induced Polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is (PIP), radiometrics, passive reflection seismology Reflection seismology (or seismic reflection) is a method of exploration geophysics that uses the principles of seismology to estimate the properties of the Earth's subsurface from reflected seismic waves. and subsurface sub·sur·face adj. Of, relating to, or situated in an area beneath a surface, especially the surface of the earth or of a body of water. Adj. 1. geology. PIP is a geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. prospecting method that can indicate the presence of significant hydrocarbons from the surface. After reviewing oil production from the adjoining field, the PIP process was conducted to determine the potential for additional development. The PIP analysis indicated a channel over three miles long that may be an unexplored extension of the producing field. Three nearby wells have produced over 1 million barrels each over the past 10 years and are flowing at a combined rate of 45,000 barrels per month. For further information about the company visit www.eldoradoexploration.com or e-mail at eldoex@yahoo.com. Please be advised that statements made herein, other than historical data, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that Eldorado Exploration is a non-reporting Pink Sheets company and is not required to be registered with the Securities and Exchange Commission. |
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