IRVINE, Calif., Aug. 22 /PRNewswire-FirstCall/ -- Eldorado Exploration (Pink Sheets: EDEX) announced today that Stable Resources has completed a PIP identified well in Runnels County, Texas. The well will produce 25 bopd and 200 mcfd from the Palo Pinto zone at 4500' ft.
Stable Resources, based in Lubbock Texas, is a partner with Eldorado in securing leases based on using the Passive Induced Polarization (PIP) process that helps identify potential oil and gas reserves from the surface.
Stable Resources and Eldorado Exploration are also partners in a PIP identified well in Hardeman Co. Texas, that will start drilling late this month to test the Mississippian Chappel Dolomite reef at 8700'. The nearest production in the Chappel reef is 1.5 miles away and has produced 390,000 bbls since 1996. Results from the Hardeman County well are expected by the middle of September.
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 http://www.eldoradoexploration.com/ or email at
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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