GeoPetro Resources Company Provides Update On The Cook Inlet LEA #1 Well
Linc reported that gas from LEA #1 was sampled from 31 intervals from depths of 1,500 feet to the total depth of 6,323 feet. The completed analysis of that gas confirmed that all 31 samples contain pure, dry natural gas (methane: CH4) in the range of 99% to 100%. Natural gas of this purity does not require treatment or conditioning before delivering it to market. The well is located approximately 1.5 miles from a major pipeline capable of carrying the gas to market.
The adverse weather and freezing conditions in Anchorage prevented Linc from completing the planned flow tests over the Christmas period. These severe weather conditions can alter the results of the flow test and significantly increase testing costs. The Operator is planning to carry out these tests as soon as the severe cold temperatures of the Alaskan winter have passed. The Operator has reported that they are aiming to have a Flow Test Rig on site in late March 2011.
Stuart J. Doshi, President and CEO of GeoPetro Resources Company, said, "The recent announcement by Linc on the LEA #1 is promising. We are excited about the potential of a commercial gas discovery in Alaska. This could be the beginning of an aggressive drilling program on the Alaska Leases."
In addition to testing LEA #1 and continuing to develop the Point Mackenzie Block, Linc Energy has confirmed that it will push ahead with the start up of phase two of the Alaskan natural gas drilling program by the middle of this year in the Trading Bay Block leases which are located on the northwest side of the Cook Inlet approximately 70 miles from the site of LEA #1. These leases hold a number of promising prospects that Linc plans to aggressively pursue.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV