AllEnergy Corporation Recaps Its Belize Holdings
(firmenpresse) - DES MOINES, IA -- (Marketwire) -- 06/18/12 -- (OTCQB: AFSE) (OTCBB: AFSE) (), a growth-oriented international energy company, is providing this overview to recap its Belize holdings. AllEnergy has acquired an interest in a 2 million acre Belize oil and gas concession with an option to purchase up to 15% of an additional concession consisting of an additional 1 million acres. Additionally, the first well was drilled and early results indicate that it struck oil and this find is estimated to contain up to 6 million barrels of recoverable oil. The reservoir was determined in size by Satellite Image and Chem-Tool. Pay zone depth was determined from actual drilling and mud logging. Porosity and saturation were gauged visually by outside consultants using statistical modeling with low side parameters, predicting a reservoir of 6 million barrels. This figure could grow depending on the trending of the reservoir. AllEnergy Corporation owns 4% percent of the 2 million acre concession and has an option to purchase up to 15% on the additional 1 million acres.
Dean Sukowatey, President and CEO of AllEnergy Corporation, stated, "We are very pleased with the Belize acquisition. AllEnergy is reviewing several additional lease acquisitions, drilling additional new wells and reworking existing wells on acquired leases."
Mr. Sukowatey commented, "The Company's business model is to grow oil production through wells that can be easily and economically completed, providing immediate and potentially large monthly cash flow."
AllEnergy, an international energy company, is engaged in the acquisition, development and production of oil and natural gas. AllEnergy acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows AllEnergy to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.
Contact:
Dean Sukowatey
AllEnergy Corporation
515-331-6509
6165 NW 86th Street
Johnston, IA 50131
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Datum: 18.06.2012 - 04:24 Uhr
Sprache: Deutsch
News-ID 1125020
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