ParaFin Corporation Will Focus on 3-D Re-Processing of Existing Seismic Data From the Company's Approximately 6,000,000 Acre Hyd
10 März 2010 - 8:28PM
Marketwired
ParaFin Corporation (PINKSHEETS: PFNO):
The Directors of ParaFin Corporation have
approved a development program for the approximately 6.6 million
acre hydrocarbon Farmout Concession in the Republic of Paraguay
based on the geophysical report of Byron Ayme, consulting
geophysicist, dated January 1, 2010. The report can be viewed on
the Corporation web site at www.parafincorp.com.
Utilizing the recommendations of the January 1, 2010 report of
Byron Ayme, ParaFin Corporation plans to do extensive 3-D
re-processing of all existing seismic data. The re-interpretation
of all existing seismic data will be done in Houston, Texas and
Calgary, Alberta. The labs have the latest equipment available to
do the 3-D re-interpretation of existing seismic.
The geophysical report dated January 1, 2010 indicates the Alto
Parana Region's Reserves have a very high probability of
approximately 2,000,000,000 (Two Billion) Barrels of Crude. ParaFin
has concluded that the region also has potential for substantial
gas reserves.
Brazil's latest offshore discovery, estimated at 33,000,000,000
(33 Billion) Barrels, confirms the potential for reserves in the
Chaco Parana Basin that covers most of Paraguay and portions of
Brazil, Uruguay, Argentina and Bolivia.
After the re-interpretation of all existing seismic data, the
Farmout Agreement requires ParaFin to drill a well to a depth of
the shallowest of (1) eleven thousand five hundred (11,500) feet,
(2) the bottom of the Devonian formation or (3) the basement
underlying the site of the Farmout Obligation Well on the Alto
Parana Concession.
Contact Name: Sid Fowlds Cell: 213 604-6504
ParaFin (CE) (USOTC:PFNO)
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