GREAT FALLS, Mont.--(BUSINESS WIRE)--Eco-Trade Corp. (OTCQB:BOPT), which previously announced a letter of intent to develop the South Bakken Prospect, today highlighted some of the key findings about the Prospect’s advantages including:
“significant oil hydrocarbons in place, 13-15 MMBOE per section, and over-pressured reservoirs”
a) It is located in the prime thermal maturity zone, where Vitrinite Reflectance (Ro) is between 0.7% and 1.5%. This is where oil generation in the Bakken is at its highest level.
b) The Bakken is relatively shallow in the prospect area. In a key well, the Krone 31-32 on the north side of the prospect, the Bakken is at 6,896’, has 400 ohms of resistivity, and Total Oil Content > 10%. To the southwest of the Krone 31-32 is the Steinbach # 1 that has 2,000 ohms of resistivity in the Bakken. These are among the best resistivity readings recorded in the Bakken Fairway.
c) The 5,806 net acres of South Bakken Prospect mineral leases are in the immediate area of the key wells with the best resistivity and vitinite reflectance, the Krone #31-32 and the Stienbach # 1.
d) The essential Middle Member of the Bakken, the Sappington Silt, is well developed and up to 30’ thick, with porosity between 3-15%, and permeability up to 20 md.
e) Major oil companies are aggressively purchasing mineral leases and drilling in the Bakken Fairway including Rosetta Resources, which has drilled over 6 exploratory wells and confirms "significant oil hydrocarbons in place, 13-15 MMBOE per section, and over-pressured reservoirs".
f) Analyst Wood Mackenzie estimates that there is 2.3 Billion BBL to be recovered in the Bakken Fairway, and concurs with Rosetta that there is 10-15 MMBO per section recoverable. (Source Alberta Oil http://www.albertaoilmagazine.com/2011/12/the-%E2%80%9Cother%E2%80%9D-bakken-play-shows-early-promise/)
g) The prospect area is easily accessible, serviced by many highways and nearby towns, and the land itself is largely gentle rolling hills.
h) Drilling depth for much of the area is 8,000 feet or less, and drilling costs will be less than a third of a Williston Basin well.
The prospect offers an excellent opportunity to participate in the phenomenal Bakken oil boom. It has all of the potential upside of the enormous oil production the Bakken formation offers without the phenomenal cost of entry now being experienced in the Williston Basin.
While management believes that the previously announced letter of intent and subsequent agreement may conclude successfully, the Company cannot warranty or guarantee success. Please visit www.ecotradecorporation.com for more information.
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Report on Form 10Q filed on November 13 2012, as well as the information contained in this release, when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), or Estimated Reserve Potential (ERP), Estimated Ultimate Recovery (EUR) that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Additional information may be found at the following web site: