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Cantex Energy Corp. Acquires participation rights to 24,900 in SW Texas Val Verde play
Cantex Energy Corp. Acquires participation rights to 24,900 in SW Texas Val Verde play.
About this update from Arkose Energy Corp.
[{"type":"text","content":"San Antonio, TX, February 28, 2006 / Cantex Energy Corp., (Pink Sheets-CTXE) announced today that it has entered into a Participation Agreement with Big Canyon Energy LLC (\"\"BCE\"), a Texas limited liability company, for the right to participate in the exploration and development of Twenty Four Thousand Nine Hundred (24,900) acres of land located in Terrell County, Texas. The play is known as the Big Canyon Ranch Project located in the sparsely explored portion of the prolific Val Verde Basin. The Ranch is located approximately 15 miles SW of the estimated leading edge of the Ouachita overthrust and another 15 miles NE of the axis of the Val Verde Basin. The project is mapped on the basis of available well control and reprocessed seismic data, identifying four prospects with productive potential for natural gas and condensates. Including the Ouachita thrust, the Wolfcamp Sands, the thrusted Strawn play and the deeper Ellenburger . Significant hydrocarbon discoveries have been made in the Val Verde Basin in the West Texas area including three giant gas structures, namely the Puckett, Grey Ranch and Brown Basset fields that have produce over 13 tcf of gas to date.\r\n\r\nTopography has challenged new major discoveries, but modern advancements in the form of relatively low cost 2-D swath technologies are now capable of extending the limits of resolution producing high quality 3-D images.\r\n\r\nCantex Energy will pay $500,000 towards a Geophysical operation that shall include up to 42 miles of seismic activity that will be operated by Providence Technologies Inc., who have over 25 years of experience in the area. Providence Technologies Inc., has designed and licensed to BCE a three dimensional (3-D) and Two Dimensional (2-D) swath Seismic imaging proposal for the Project designed to extend the Val Verde Seismic Imaging Methodologies through the Big Canyon Project area. Permitting is already in hand and surveying commences this week. The Company and its partners anticipate a final interpretation and evaluation of the project area in June 2006 with a view to commence test well drilling immediately there after. Cantex will thereby have the right to a 31% working interest in all four potential plays with an option to participate up to a 51% working interest. For Additional disclosure purposes certain mineral rights owners of the Big...