This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

GeoPetro Resources Company Announces Successful Sale Of Cook Inlet Project In Alaska

GeoPetro has constructed a drill pad and access road at the Frontier Spirit #1 location. The well will be located less than two miles from the Enstar 20" natural gas pipeline which has abundant spare capacity. This proximity to a major pipeline provides rapid and relatively inexpensive access to the lucrative Anchorage gas market.

The Frontier Spirit #1 well is expected to be drilled by Linc in 2010.

Additional Prospects Targeted in the Cook Inlet Project

Preliminary log analysis and seismic data indicate the Point MacKenzie and Trading Bay Blocks may contain conventional accumulations of natural gas reserves in Tertiary sandstones in addition to the prospect identified at the Frontier Spirit #1 location. Structural anticlines and/or domes occur on the lease blocks and may contain large undrilled gas reservoirs. Sandstone units also pinch-out toward the margins of the basin and may have formed stratigraphic traps on the lease blocks. In the past, oil and gas exploration has focused on oil production and anticlinal gas traps, but stratigraphic accumulations have been largely unexplored in the Cook Inlet.

One of the prospects identified as a high priority target on the Trading Bay Block is the Cottonwood Creek Prospect. This prospect is based on a well drilled by Shell in 1967 looking for Hemlock Formation oil. The well encountered significant gas shows in the shallower Tyonek sandstone formation at approximately 3,000 feet which were corroborated by an apparent gas column on the well logs. The well was drilled on a closed structure identified from Shell's 2-D seismic data (GeoPetro has acquired and reprocessed certain Shell seismic data). A gathering line of approximately five miles would be required to tie in the Cottonwood Creek Prospect location with the Chevron-Marathon 16" regional pipeline which runs through the Trading Bay Block.

GeoPetro Management Comments

Commenting on the successful Cook Inlet Project transaction, GeoPetro's Chairman, President and CEO Stuart J. Doshi said:

"We are very pleased to have Linc as operator and working interest owner in the Alaska project. The sale will provide Linc a major foothold in the Cook Inlet. We look forward to a long and mutually rewarding relationship with Linc. Their significant commitment to the exploration and development of the Cook Inlet Project has confirmed our belief in the resource potential of this significant acreage position. This transaction is consistent with our business strategy of gaining control of key acreage in projects which individually have the potential to be 'company makers', performing extensive geologic and geophysical evaluations thereon, and leveraging through strategic transactions with other resource companies. It also allows us to further focus our human and capital resources on our remaining core area projects.

Pursuing a diversified portfolio of high potential reserve targets has been a key Company strategy since inception. The significant resource potential of this Project coupled with our retained interest positions us for a significant enhancement of shareholder value upon a commercial discovery."

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs