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Energy Finders, Inc. (EGYF/EGYF.PK) Wrap Up:
Energy Finders, Inc. engages in the exploration and production of oil and natural gas. Its Mega-West Project is located to the west of San Antonio, Texas. Energy Finders is based in Dallas, Texas.Energy Finders, Inc. (EGYF:OTC)
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Energy Finders, Inc. announced that it has entered into preliminary negotiations to sell or joint venture all or part of its interest in the Trinity project in Texas. The company stated that if it succeeds in either selling or joint venture arrangement it will consider other projects within North America.
Energy Finders Inc. announced after receiving preliminary report from Wilford Lee Stepp, Consulting Petroleum Geologist, based in Texas, USA recommends the following. A proposed location for a Paluxy zone test is recommended with a depth of 750 feet, 2200 feet from West Line, 1320 feet from South Line, Sec. 87 HE & WT Block E, two and half miles north of Lula. Scales 1600 feet SE of MegaWest #1 Mitchell dry hole. The recommendations include setting casing at 650 feet, drilling into the Paluxy zone expected at 720 feet, with about 12 feet of Oil zone. Swabbing the well should test productivity. Another zone in the middle of Glen Rose at 850 feet depth which has 10 feet of high resistivity on the logs of older wells and the MegaWest # 1 Mitchell, which may be tested, depending on the testing of the Paluxy zone. The object of testing is to determine if a pilot steam flood system can be justified, leading to further developments. To evaluate the Trinity Sands at 990 feet to 1100 feet, another drill hole near the above proposed location, should be drilled at 960 feet, cased and penetrating the separate Trinity Sands, swab tested, looking for Oil in those sands and a possible steam flood prospect.
Energy Finders, Inc. announces that Mr. Robert Klein has been appointed as Vice president to the company and will be in charge of the companies' Oil & Gas lands portfolio.
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Energy Finders, Inc enters into negotiations to sell certain leases
HONG KONG, China, Oct. 29 /PRNewswire-FirstCall/ - (OTC-EGYF.PK) The Energy Finders, Inc. is pleased to announce that it has entered into preliminary negotiations to sell or joint venture all or part of its interest in the Trinity project in Edwards County in Texas. If the Company is successful in either selling or joint venture arrangement, it intends to consider other projects within North America.The Company may seek to redirect resources toward the Bakken Shale area situated in North Dakota, Montana and Saskatchewan. Recent drilling success has initiated successful exploitation of this major geological resource estimated at exceeding 500 billion barrels of good quality crude. Horizontal drilling combined by a sharp increase in the use of packers is now economically recovering a small fraction of the resource.The Trinity Sand project in Texas is principally a heavy oil resource and is presently under a joint venture agreement with Mega West Energy based in Calgary, Canada. Several test wells were drilled last year in which Mega West earned its interest in the acreage.Historic Information on Trinity Sands:Since 1969, companies such as Shell, Getty, Murphy Oil, Dorchester and Carmel Energy have drilled and cored wells to quantify the heavy oil resource and have tested steam recovery in this project area. The well data encouraged further drilling and testing, but the then existing economic conditions did not support commercial development. There are also references to primary oil production from one of the wells.The majority of the data for the Trinity Sand formation comes from wells drilled en route to the deeper gas formations. Electrolog and core analyses demonstrate oil in the Trinity Sand formation throughout the area, but no commercial production has been established to date. Aggregate sand sections vary from 40...Click here to read the whole Article (external link)