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Petrodorado Commences Drilling Program in California
Petrodorado Commences Drilling Program in California NOT FOR DISSEMINATION IN THE UNITED STA...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"Petrodorado Commences Drilling Program in CaliforniaPetrodorado Commences Drilling Program in California \nNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES\nCalgary, Alberta CANADA, July 16, 2013 /FSC/ - Petrodorado Energy Ltd.,(\"Petrodorado\" or the \"Company\") (TSXV-PDQ) is pleased to announce the start of drilling operations for the Kreyenhagen project in California. \nKreyenhagen Project Drilling Program started in California\nThe three well Kreyenhagen Project drilling program in the San Jaoquin Basin of California commenced on July 11, 2013. The objective of these three wells (one vertical and two slant) is to confirm oil in place, Reservoir Characterization (porosity, oil saturation, net pay, oil water contact) and initial test production rates and to provide primary recovery factors. In addition, all of the parameters acquired from these three wells will provide a robust data set in order to evaluate different steam recovery techniques. \nAs per the operational plan, these three wells will be drilled, logged and cased with a drilling rig, released and then promptly tested by a testing rig. Of the three wells drilled, one well will be tested for a period of one month while the other two wells are each tested for one week. \nThe drilling and testing of these three wells is the first half of Phase I of the farm-in agreement as per the Company press release dated May 27, 2013.  With the initial data acquired, the second component of Phase I, which consists of geological and thermal recovery modelling, will be performed. Based on the modelling results, Petrodorado has the option to enter into Phase II of the farm-in agreement whereby the Company would fund 100% of a pilot thermal project, up to a maximum of US$4Million with costs in excess to be paid at 40%, and earn an additional 25% non-operated working interest (40% total non-operated working interest) in this 1,720-acre project.\nKrishna Vathyam, Chairman, President and CEO of Petrodorado Energy Ltd.\n\"Within six weeks of signing our farm-in agreement we have started the drilling campaign of three wells - justifying our decision to diversify into a faster regulatory approval environment. These three wells will provide significant information for Petrodorado to make its decision to enter the pilot production phase of this pr...