Parafin Corporation, Clarification of Re-Processing of All Available 2D Seismic Data
30 März 2010 - 9:30AM
Marketwired
ParaFin Corporation
(PINKSHEETS: PFNO): Byron Ayme, Consulting Geophysicist for Parafin
Corporation has pointed out to the President that the news release
of March 10th, 2010 could be misinterpreted and asked that it be
clarified.
After the re-interpretation of all existing seismic data, the
Farm-out 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.
Parafin Corporation plans to do extensive
re-processing of all available 2D seismic data available in the
area using the latest modern techniques available including depth
conversion. The data will be mounted on work stations and
interpreted in Houston, Texas and Calgary, Alberta where the labs
have the most modern equipment available to do the
re-interpretation of existing 2D seismic. Once the results of the
re-interpretation of the existing 2D seismic is complete, well
location will be determined from that data and drilling will
commence.
Upon the establishment of production, new
seismic will be done and a 3D survey employing state of the art
technology will then be undertaken in order to determine the extent
of the reservoir.
The Geophysical Report of Byron Ayme, Consulting Geophysicist,
dated January 1, 2010, can be viewed on the Corporation web site at
www.parafincorp.com.
Disclaimer Certain statements in this news
release may contain forward-looking information within the meaning
of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under
the Securities Exchange Act of 1934, and are subject to the safe
harbor created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and
objectives of the company, are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Technical complications that may arise could
prevent the prompt implementation of any strategically significant
plan(s) outlined above. The company cautions that these forward
looking statements are further qualified by other factors
including, but not limited to those, set forth in the companys Form
10-KSB iling and other filings with the United States Securities
and Exchange Commission (available at http://www.sec.gov/). The
company undertakes no obligation to publicly update or revise any
statements in this release, whether as a result of new information,
future events or otherwise.
To be included in our company mail list for real-time news and
updates, please e-Mail: Email Contact www.parafincorp.com
Telephone: 213.985.3136
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