PALITO BLANCO WELL SPUDSEmerald Oil & Gas NL (“Emerald”) is...

PALITO BLANCO WELL SPUDS
Emerald Oil & Gas NL (“Emerald”) is pleased to announce the spudding of the
Jaime Garcia gas unit #2 well at the Palito Blanco project located in Duval and
Jim Wells Counties, Texas USA.
PALITO BLANCO PROJECT
DUVAL AND JIM WELLS COUNTIES, TEXAS
(Emerald earning 15% Working interest, Operator: Oso Exploration.)
Progress report at the Jaime Garcia Gas Unit #2 well as at 6.00 am 27 August
2007 (Texas time).
Current Depth: 905 feet. Well spudded at 7pm on 26 August
2007.
Current Activity: Drilling 14¾” surface hole and preparing to run
10¾” casing at 2,000 feet. Drilling ahead
towards primary objective.
The primary target Yegua 14 sand is anticipated
at 7,350 feet. Secondary target Yegua 15 and
21 sands anticipated between 7,600 and 8,200
feet. Proposed total depth is 8,250 feet.
Emerald Interest: Emerald is earning a 15% working interest in
this prospect.
About Palito Blanco Prospect: Palito Blanco Prospect is located in the South
Texas Basin within Duval and Jim Wells Counties
some 120 miles south of San Antonio. It is
located within the prolific Yegua multiple-sand,
gas-producing fairway within Braman, Four
Seasons and Palito Blanco fault – separatedfields, which to date have produced 45+ BCF
gas and 1.0+ million barrels of condensate.
Some 400 acres are currently under lease within
a larger AMI. The current 8,250 foot well will
test the Yegua formation multiple-sand package
the lowest of which is the Y-21 sand.
Structurally there appears to be room for 3-4
wells around the original Jaime Garcia #1 well.
Total potential resources are approximately
10 BCF gas and 100,000+ barrels of
condensate. Further development potential
might emerge from the larger AMI (area of
mutual interest) with Oso Exploration.
For more information please contact:
Emerald Oil & Gas NL Tel: +618 9482 0510
JOHN HANNAFORD
Executive Director – Finance
[email protected]
BOB BERVEN
Executive Director – Technical
[email protected]
About Emerald Oil & Gas NL
Emerald Oil & Gas NL (ASX: EMR; EMRO) was listed on the ASX in June 2006, raising $4 million.
Emerald is an oil and gas exploration and production company with project interests in North
Dakota and Texas in the USA and in the Canning Basin of Western Australia. Emerald’s focus is
on conventional reservoir targets for oil and gas prospects and its primary objective is to
achieve near term production and cashflow to build shareholder value and provide funds to fuel
further growth. Emerald’s strategy is to take modest but meaningful positions in low risk
exploration projects that can be swiftly brought into production.
Information in this announcement pertaining to exploration potential was compiled by Robert
Berven, Emerald Oil & Gas NL’s Technical Director who is a Member of the Australasian Institute
of Mining and Metallurgy and the American Association of Petroleum Geologists CPG # 2498.
Statements regarding Emerald’s plans with respect to its petroleum properties are forwardlooking
statements. There can be no assurance that Emerald’s plans for development of its
petroleum properties will proceed as currently expected. There can be no assurance that
Emerald will be able to confirm the presence of additional petroleum deposits, that any
discovery will prove to be economic or that an oil or gas field will successfully be developed on
any of Emerald’s petroleum properties.
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