Gulf Petroleum GFPE Hits Oil in the Illinois Basin
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[ClickPress, Tue Mar 14 2006] Gulf Petroleum Exchange, Inc. (Pink Sheets: GFPE-NEWS). Announced that they hit oil in the Cypress Formation of the Sterett Miles #1A well (the first of the three formations discovered). The Cypress formation gave up approximately 6 barrels of oil just during setup. Gulf expects the initial production from this formation to be 50 to 60 barrels per day.
The Illinois Basin, which extends from central western Indiana through southern Illinois into western Kentucky, is historically a prolific oil and gas producing area. Over 3.2 billion barrels of oil have been produced and recent calculations indicate that remaining recoverable resources in the Illinois Basin may be as much as 4.1 billion barrels. Thus, large quantities of oil, potentially recoverable using current technology, remain in the Illinois Basin oil fields.
The Sterett Miles #1A represents the first of five wells that Gulf will drill with Smith Oil Company who holds the leases for 3,000 contiguous acres in the Illinois basin. The Cypress formation is located at 1930-1945 and was the first oil rich formation in this well. The Aux vases located at 2165- 2173 and the McClosky at located 2370-2375 also had good porosity and strong shows of oil. Both the Aux vases and the Mcloskey formations appear to be much larger than the Cypress.
Warren (Skip) Wheeler President of Gulf Petroleum Exchange, Inc. stated that he expects this well to be the first of several successful oil producing wells in this project and we look forward to starting the drilling on more wells to maximize production.
Don Smith President of Smith Oil Co., Gulf Petroleumís strategic partner stated that we are pleased that the initial well in our five well package is having such positive results and we look forward to continued success.
About Smith Oil Co.:
Smith Oil Company is a 40-year-old private oil Company holding over 3,000 contiguous acres within the Cleopatra and Guffy oil fields in McLean county Kentucky. Smith Oilís production is from formations ranging in depth from 250 to 2900 feet.
About Gulf Petroleum Exchange:
Incorporated in 1997 Gulf Petroleum Exchange, a multi-faceted energy company, combines the experience of its people with the strength of its strategic alliances to create profitable projects within three aspects of energy enhancement; oil and gas production, the removal of sulfur compounds from hydrocarbon based fuels, and sales of the resultant products.
Forward-looking statements are based on current expectations and assumptions that are subject to certain risks and uncertainties that could cause actual results to differ materially from historical experience and projections. Such forward-looking statements are inherently uncertain, and actual results may differ from those expressed or implied. Consequently, readers should not place undue reliance on any forward-looking statements
Source: Gulf Petroleum Exchange, Inc.
Contact: Skip Wheeler
Phone: (337) 896 5151
Web Site: www.gfpe.org