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Eldorado Exploration Announces Update on Texas Well.

IRVINE, Calif. -- David (Tom) Laurance, president of Eldorado Exploration Inc. (PINK SHEETS:EDEX), announced today that the 3 Sisters well in Glasscock County, Texas, has been plugged as a dry hole. This exploratory well was drilled to test a very strong Passive Induced Polarity (PIP) indication that covered the Cobra field, which produces from the adjoining lease and continued through a possible channel that may be connected to the Cobra field. The PIP signal showed the channel reaching out over three miles with good oil indications along the whole length. After evaluating the logs, the geologists believe that evidence can be seen in the logs of the existence of a Wolfcamp sequence from 7,550 ft. to 7,650 ft., with a shale limestone zone that is poorly developed, but is present and correlative to a possible channel to the nearby Cobra production. In addition, the interval is the same approximate zone shown by telluric surveys to have porosity, which is needed for oil accumulations. The best explanation for missing a strong PIP-identified target is that we had up to a 3-degrees deviation in our well direction and drilled into the very edge of the channel which narrows and thickens along its length. The small shows of oil indicated that we were in the right area, but needed to hit a narrow target from 8,000 ft. and missed. Eldorado and its partners will attempt to drill a follow-up well nearer to the Cobra field in a wider part of the channel. The channels we hope to find are narrow, but very thick and can be prolific producers.

The next two wells to be drilled by Eldorado should start in August with the Mesa Prospect in New Mexico being the first and the Hardeman County, Texas well by the end of August.

Eldorado Exploration Inc. is an independent oil and gas company that utilizes a process called Passive Induced Polarization (PIP) to detect electromagnetic signals given off of some geological anomalies. In most cases a positive response indicates a hydrocarbon accumulation and a negative reading almost is always a dry hole. When used with the standard geological tools and methods, the PIP process enhances the odds of success for discovering oil and gas.

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 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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Publication:Business Wire
Date:Jul 19, 2006
Words:493
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