GeoPetro Resources Company Provides Update On The Cook Inlet LEA #1 Well
SAN FRANCISCO, Feb. 10, 2011 /PRNewswire/ -- GeoPetro Resources Company (NYSE Amex: GPR) ("GeoPetro", "we", "our" or the "Company") is pleased to announce that Linc Energy Ltd. ("Linc"), the Operator of the Alaska Leases in the Cook Inlet region, reported today that their analysis has confirmed that the LEA #1 well penetrated three significant sand formation intervals that appear to be gas charged and that LEA #1 gas samples have confirmed 99% to 100% purity of dry natural gas. As previously announced late last year, the LEA #1 well, located in the Point Mackenzie Block of the Cook Inlet Basin, Alaska encountered a number of gas bearing horizons and was completed in November 2010. External contractors were engaged to conduct advanced petrophysical log analysis. Planning was also initiated for a gas flow testing program to define the commercial outcome.
The advanced petrophysical well log analysis (ELAN analysis by Schlumberger) was performed on the electrical logs run in the hole. The results of the analysis have confirmed three significant sand formation intervals that appear to be gas charged and which possess apparent permeability values indicating they are good candidates for a flow test.
This data supports the strong gas shows that were observed throughout the initial drilling of the LEA #1 exploration well. Linc Energy reported that the gas shows were first encountered soon after drilling penetrated the top of the target Tyonek Formation. Down hole gas pressures increased as the LEA #1 well was drilled deeper, which meant that the drilling team had to increase the density of the drilling fluids to maintain safe conditions and constrain the free flow of gas to the surface. The well site team collected physical gas samples for lab analysis.
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