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Laser Exploration, Inc. - New and Improved Direct Detection Technology For Oil and Gas Exploration.

MIDLAND, Texas -- In 1999, Laser Exploration, Inc. ("LEI") announced a LIDAR (DIAL) infrared laser to detect anomalous leakage of methane and ethane gases in the near surface atmosphere indicative of a subsurface undiscovered oil and gas field.

Today LEI announces that its technical developers and licensor, OPHIR Corporation, ("OPHIR"), Littleton, CO and Chimera Geophysical Corporation, Reno, NV, have dramatically improved LEI's "direct detection" technologies with its newly developed and field tested Active Gas Correlation Radiometer ("AGCR") which is far more robust, far less complicated, and far more portable to meet the rigorous cultural and environmental challenges of oil and gas exploration, both on and offshore.

LEI will now drill a second exploratory test at a more favorable updip location on its oil and gas leases in Texas. Its initial exploratory test drilled to 5138' behind limited LIDAR data and well control, showed C1-C5 hydrocarbons from surface to T.D. on advanced gas chromatograph with samples showing oil at every 10' interval in all formations from surface to T.D. on Mud log. Electric log, however, indicated too much water saturation to be commercially productive.

Such second exploratory test is expected to encounter lower Hosston (Cretaceous) and Cotton Valley (Jurassic) stacked channel sands and barrier bar sands some 250' high to its initial test and encounter >300' of net oil and gas productive sands. AGCR testing and geological/geophysical data indicate an "areal" extent and prospect productive potential of 25MMBOE recoverable reserves.

LEI plans to employ twenty (20) two-man teams developing AGCR identified oil and gas prospects in the U.S. over the next 3-5 years yielding discoverable oil and gas reserves of 500MMBOE; a predicted discovery ratio of 1:2; and a finding/developing cost <$1.00/BOE.

LEI is seeking industry partners, investment bankers, insurance companies, and individual accredited investors to provide financing for LEI's exploration ventures utilizing its exclusively licensed AGCR oil and gas exploration system in exchange for oil and gas reserves.

For "due diligence", see http://laser-exploration.com and http://ophir.com or contact Wayne Kreis at 1-800-323-2255 or email lei@nts-online.net for details.

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Contact: Wayne Kreis of Laser Exploration, Inc., +1-800-323-2255, or lei@nts-online.net

Website: http://www.ophir.com/ http://www.laser-exploration.com/
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Publication:PR Newswire
Date:May 15, 2002
Words:382
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