This Day On The Street
Continue to site
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

GeoPetro Resources Company Updates Bengara-II Plans

SAN FRANCISCO, April 18, 2011 /PRNewswire/ -- GeoPetro Resources Company (NYSE Amex: GPR) ("GeoPetro", "we", "our" or the "Company") provided an update today on the 2011 plans for the Bengara-II Block, Indonesia, owned by its 12% subsidiary, Continental-GeoPetro (Bengara II) Ltd. ("CGB2").

The acquisition of 178 square kilometers of new 3D seismic data in the Bengara-II Block is now over 60% complete.  Surface damage claim disputes with prawn farm operators in the area of the company's new seismic acquisition program have been largely resolved. Preparatory work is in progress for the planned acquisition of 920 line kilometers of 2D seismic data.  Recording of the 2D program will follow completion of recording of the 3D program and will likely coincide with the first 2011 drilling.  

The first well of 2011 is now set to be the Muara Makapan-2 well ("MM-2").  CGB2 expects a late third quarter spud of MM-2 which is budgeted at US$22.5 million.  An additional well of similar cost is included in CGB2's preliminary budget for 2011 but will not be confirmed until after the MM-2 well is completed.

The MM-2 is designed as an appraisal well to the 1988 Muara Makapan-1 ("MM-1") gas and condensate discovery which tested gas at a rate of 19.5 million cubic feet per day and condensate at a rate of 600 barrels per day.  The precise location of the MM-2 will be determined upon review of the 3D seismic data, but it is expected to be in the general vicinity of the MM-1 discovery well which was drilled offshore, but in water only approximately six (6) feet deep, in the estuary of the Bulungan River.  The drilling operations for the MM-2 will be conducted either from a barge or from an artificial island.  

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,506.31 -136.70 -0.82%
S&P 500 1,973.25 -15.62 -0.79%
NASDAQ 4,803.1620 -25.1630 -0.52%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs