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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.