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KOKO PETROLEUM (KKPT) - THIS STOCK IS UNDISCOVERED ST0CK GEM
Current Price: 1.30
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KOKO Petroleum, Inc. (PKKPT - News) announced today that it has revised its Letter of Intent with JMT Resources, Ltd. Fort Worth Texas regarding the Development of JMT's polymer flood pilot program on its leasehold located in Corsicana, Texas.
The previous agreement focused only on the pilot program for the polymer flood in a specific area of JMT's acreage. The revised agreement gives KOKO the right, via a master joint venture, to participate in all of JMT's acreage in the Corsicana Field which totals 7,838 acres. As mentioned in previous releases, this leasehold is the oldest oil field in Texas and was discovered in the 1890's by a company that eventually became Mobil Oil.
Recent geological analyses indicated there are several zones under the Nacatoch zone (where the polymer flood is being developed) which are oil bearing and have an excellent possibility for commercial production. These zones include the Pecan Gap, Austin Chalk and Wolf City. The joint venture plans on shooting 3D seismic over portions of the Field to better understand the potential of these zones and corresponding reserves. Subsequently, an aggressive horizontal and vertical drilling plan will be implemented to capitalize on the seismic findings.
The joint venture will also continue to develop its polymer pilot project which to date has drilled and completed two wells of the 13 well project. Rig availability has hampered the original drilling schedule; however, six consecutive wells are schedule to start drilling on February 28, 2006.
Geological engineering studies have shown that an effective ASP flood could yield as much as 30% to 40% of the original oil in place with lifting costs below $7 per barrel. Original Oil in Place was estimated to be in excess of 100 mi||i0n barrels by engineers previously associated with the field.
Koko Petroleum, Inc. has committed to fund up to $4 mi||i0n USD for the right to participate in all of JMT's acreage in the Corsicana Field.
Ted Kozub, CEO of KOKO Petroleum, Inc., stated the following: "KOKO has an 0pp0rtunity to become involved with veteran oil people in the development of this field that combines technology with vast resources. We have created a structure that mitigates our downside risk while exposing us to tremendous upside potential. This is an important step in KOKO Petroleum's financial development and we feel it will translate to significant shareholder value."
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