This Day On The Street
Continue to site
ADVERTISEMENT
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 Provides An Update On The Alaska Drilling Program

SAN FRANCISCO, May 2, 2011 /PRNewswire/ -- GeoPetro Resources Company (NYSE Amex: GPR) ("GeoPetro", "we", "our" or the "Company") announced that Linc Energy ( Alaska) Inc. ("Linc"), the Operator of the Alaska Leases in the Cook Inlet region, reported today that the drilling and testing of the LEA #1 well, located in the Point MacKenzie Block of the Cook Inlet Basin, has been completed.  Three sandstone targets were tested separately.  Although encouraging gas shows were encountered while drilling through a section containing a significant number of coal seams, the sandstone targets were too tight and not able to produce commercial quantities of gas.  As such, Linc's conclusion from the testing is that although gas is trapped within the coal, there is not sufficient natural fracturing in the coal to allow for the recovery of commercial quantities of gas.

Although LEA#1 has not proved to be commercial, a significant amount of information has been acquired by Linc about the area and the regional coal measures.  Linc Energy has indicated that they will be able to utilize the expertise and valuable information they gained in drilling the LEA # 1 well to continue its Cook Inlet Basin exploration program at an aggressive pace.

Trading Bay Block

Permitting is well underway for the Trading Bay prospect, which is the next exploration well planned to be drilled in the Cook Inlet Basin located approximately 55 miles southwest of the LEA #1 well site.

The Trading Bay area was initially explored by Shell Oil ("Shell") in the 1960s, where Shell found natural gas in the area.  However, their exploration objective was oil and not gas. Natural gas at that time had little value in the Cook Inlet, and hence the opportunity was not pursued by Shell.

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
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs