Opal Energy Processing 3-D Seismic Survey Data toOpal Energy Processing 3-D Seismic Survey Data to Build Drilling Prospect Inventory
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2008) -
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Opal Energy Corp (the "Company") (TSX VENTURE:OPA) has begun processing data from a major 3-D seismic data acquisition initiative to generate new drilling prospects. Located in Victoria County, Texas, the 75 sq. mi. area surveyed has historically been a productive one. To date, older fields of other operators in its northern section have produced approximately 271 Bcf of natural gas and 17.1 MMbbls of oil.
This is the first time much of the 75 sq. mi. region has been surveyed, affording the Company a unique opportunity to review the subsurface geology of large sections of original 3-D seismic data. The Company anticipates completion of the data processing phase by the end of May. The survey itself required approximately two years to complete.
Senior Vice President of Exploration Steve Hoover commented, "We anticipate this survey will add to our portfolio of high-quality prospects. The survey is well-positioned between, and on trend with, other successful surveys in an area, much of which has never before been imaged with a 3-D survey. Prospective targets could range from shallow, relatively low-risk Miocene and Frio prospects, to deeper and higher potential Yegua and Wilcox sands."
Opal CEO Barry Williamson added, "Our experienced exploration team is doing a great job lining up new prospects in South Texas, a region we believe has tremendous potential. We plan to implement an aggressive drilling program in Victoria County. Meanwhile, our efforts to secure partners to commence drilling activities elsewhere in South Texas are progressing. A capable exploration and production team, an inventory of drilling prospects and completion of a major initiative to add to that inventory make a very compelling story. We look forward to sharing more news regarding our progress on this front in the near future."