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AllEnergy Corp. has acquired an interest in a two million acre Belize oil and gas concession with an option to purchase up to 15% of an additional concession consisting of an additional one million acres.
Additionally, the first well was drilled on the concession with early results indicating that it struck oil and is estimated to contain up to six 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 six million barrels.
Dean Sukowatey, president and chief executive officer of AllEnergy Corp., stated, "AllEnergy is reviewing several additional lease acquisitions, drilling additional new wells and reworking existing wells on acquired leases."