OTCPK:CSQPF - Post by User
Post by
wildcatron Apr 14, 2001 12:35pm
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Post# 3608960
ECKO INFO
ECKO INFO"The well contains 16 million barrels of recoverable oil and 20 Bcf of natural gas. At today’s prices that’s worth more than half a billion dollars."
The well was suspended for financial and mechanical reasons, he notes.
"When we started testing it, we realized that we had to frac (fracture) the formation. At that point we’d exhausted our budget and several investors bowed out because they couldn’t raise more capital."
Tri-Valley hopes to raise the $3 million necessary to proceed within 90 days, "right in time for the summer peak demand. "We hope that will be a supportive factor for us," he says.