Eldorado Exploration commences drilling in Texasadmin
Eldorado Exploration, Inc. announced that the Hardeman County, Texas well has started drilling as of November 2, 2006. The well will test the Mississippian Chappel reef at 8700 feet. Potential reserves could exceed 400,000 barrels of oil. If this test is successful the company has located numerous other locations on this reef trend using the same PIP technology.
Eldorado has 5% working interest in the first well but will have a 20% interest in any additional wells drilled. Drilling time for the well should be 25-28 days.