7 days or less...
posted on Nov 24, 2008 08:03AM
CALGARY, Nov. 21 /PRNewswire-FirstCall/ - Consolidated Beacon Resources Ltd. ('Beacon' or 'the company') is pleased to announce that the first well was spudded today on the Sunday Property, in the San Joaquin Basin of Southern California, utilizing Nabors Drilling USA Rig # 472. Drilling should be completed in less than seven days.
The Sunday #1 well is the first of a planned four well exploration drilling program by Beacon and its partners (the Partners). The four wells were selected for Vedder formation targets based on interpretation of a 35.2 mi.(2) 3-D seismic program acquired in late 2007. The seismic program covered an Area of Mutual Interest (AMI) to which the Partners contributed about 19,000 acres, and Chevron U.S.A. Inc. contributed about 3500 acres. Chevron funded the seismic program to earn a 50% interest in the Partners' acreage, and the Partners agreed to drill four mutually agreed exploration wells to basement to earn into the Chevron acreage. Following completion of the four exploration wells, the working interest in the AMI will be Chevron 50% and the Partners 50%.
The Sunday location is being drilled directionally to test multiple fault controlled Vedder formation targets identified by seismic in a relatively unexplored area. The targets are highly porous and permeable sandstone reservoirs which could contain 15 0 API to 25 degrees API crude oil at a depth of about 2500 feet. As specified in the Joint Venture Agreement, the well will be drilled to basement at about 3000 feet.
This News Release was reviewed and approved by Mr. Richard Hawes, P.Geol., Qualified Person for the project, in accordance with regulations under National Instrument 51-101.
About Consolidated Beacon Resource Ltd.
Consolidated Beacon Resource Ltd. is in the business of evaluating and acquiring oil and natural gas properties for exploration and development in Canada and the United States. The Company's shares trade on the TSX Venture Exchange under the symbol KBC.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This release may contain or be deemed to contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual events or results. Readers are referred to the most recent documents filed by the Corporation on SEDAR (www.sedar.com), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements include references to production and cash flows before and after payout.
SOURCE Consolidated Beacon Resources Ltd.