VANCOUVER, BRITISH COLUMBIA, March 29 /CNW/ - Providence Resources, Inc.
(OTCBB:PVRS) announced today that it has engaged TRNCO Petroleum Corporation
to implement an I/O System Two recording system in combination with the latest
generation of state-of-the-art acquisition and processing parameters to obtain
high quality 3D seismic data. The data is intended to illuminate deep gas
targets at depths ranging from 14,000 to 16,000 feet in the Ellenberger
carbonate, Strawn carbonate and Pennsylvanian-Wolfcamp sandstone reservoirs
which underlie Providence's 12,832 acres of leasehold interests over 57 square
miles in Val Verde County, Texas.
TRNCO will supervise the acquisition, processing, licensing and
interpretation of all seismic data while Dawson Geophysical Company will be
responsible for obtaining the actual 3D seismic data.
Founded by Thomas R. Nickoloff in 1992, TRNCO, based in Midland, Texas,
specializes in 2D, 2D swath and 3D seismic project design and management.
TRNCO has provided geophysical project management services in North America,
South America, Europe, the Middle East and Asia to clients ranging from small
independent operators to major international participants in the oil and gas
industry including EOG Resources, Inc. and Occidental Petroleum Corporation.
Mr. Nickoloff is documented in the literature as having pioneered successful
2D swath and 3D acquisition and processing parameters throughout the Val Verde
Basin, and has successfully project managed in excess of 300 square miles of
3D seismic data in the immediate area of Providence's leases.
Dawson Geophysical Company is a leading provider of onshore seismic data
acquisition and processing services. Founded in 1952, Dawson acquires and
processes seismic data for major and independent operators in addition to
providers of multi-client data libraries. Dawson's clients rely on the data
acquired to identify areas where subsurface conditions are favorable for
exploration and development for the production of hydrocarbon and gas
reservoirs. Dawson operates two state-of-the-industry data processing centers
in Houston and Midland, Texas, staffed by experienced geophysicists. The
processing professionals use the latest kits of powerful processing tools and
back their analytical excellence with practical geophysical field experience
in correlating complex producing horizons. Dawson's prior experience in the
Val Verde Basin is expected to be of considerable benefit to Providence in
acquiring reliable 3D seismic data.
Permitting, seismic data acquisition and interpretation is expected to
require up to six months with plans for immediate drilling on the Val Verde
leases anticipated immediately thereafter. Val Verde County has substantial
gas gathering systems and pipeline infrastructure in place that will
facilitate delivery of prospective production from the leases. Permitting for
the work is expected to commence next week.
Additional updates on Providence's exploration and development activities
will be provided as such information becomes available.
Forward Looking Statements:
A number of statements contained in this press release are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended. A safe-harbor provision may not be applicable to the
forward-looking statements made in this press release because of certain
exclusions under Section 27A (b). These forward-looking statements involve a
number of risks and uncertainties, including the sufficiency of existing
capital resources, uncertainties related to the exploration and development of
Providence's leasehold oil and gas interests, and the ability to secure
additional sources of financing. The actual results that Providence may
achieve could differ materially from any forward-looking statements due to
such risks and uncertainties. Providence encourages the public to read the
information provided here in conjunction with its most recent filings on Form
10-KSB and Form 10-QSB. Providence's public filings may be viewed at
For further information:
For further information: Providence Resources, Inc. Nora Coccaro,
778-994-2446 Chief Executive Officer Email: email@example.com or
Markus Mueller, +41 44 280 5066 Chairman of the Board of Directors Email:
firstname.lastname@example.org or TRNCO Petroleum Corporation Tom Nickoloff, 432-683-7200
President Email: email@example.com