LABELLE, Fla., March 3, 2011 (GLOBE NEWSWIRE) -- Alico, Inc. (Nasdaq:ALCO), a land management company, announced that it has completed initial field testing at its proposed Keri Road Sand Mine Site in Hendry County, Florida situated on approximately 886 acres of the Company's land (the "Project Site"). The purpose of the initial field test was to conduct a preliminary assessment to determine the Project Site's potential as a fracturing sand mine. Fracturing ("frac") sand is a form of silica sand with well constrained size, roundness, and sphericity characteristics and is used to aid in the extraction of oil and gas from reservoir rocks.
In February, a consultant hired by the Company completed two 4-inch diameter sonic borings to a total depth of 125 feet each and performed analyses in accordance with American Petroleum Institute Recommended Practice for Testing Sand Used in Hydraulic Fracturing Operations (API RP 56) on raw and unprocessed sand samples. The preliminary testing indicates good potential for possible future mining of moderate quality frac sand at the Project Site.
A consultant hired by the Company has also conducted preliminary drilling studies based on twenty-one borings to determine the potential quantity of potential future frac sand reserves at the Project Site (see cautionary note below regarding the use of the term "potential future frac sand reserves"). 1 Based on the consultant's report, the Project Site is believed to contain as much as 94 million tons of potential future frac sand reserves (within a mine depth of 125 feet).Alico is focused on additional feasibility studies with respect to the Project Site. Depending on the results of these feasibility studies and further testing, Alico will make a decision whether to establish a mine at the Project Site or consider other options, including selling or leasing the Project Site.
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