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Riverdale Oil & Gas Corp. (Pink sheets: RVDO)
Riverdale Oil and Gas Corp. Announces Its Initial Program to Develop Major Oil Reserves in the San Miguel Formation of South Texas Initial Re-Entry Efforts to Cost $100,000 With an Expected Return of $1,289,000; Total Lease Field Development Could Result in the Addition of $17,000,000 to the Company's Proven Reserves
June 19, 2007-- Riverdale Oil and Gas Corp. (PINKSHEETS: RVDO) ( www.riverdaleoilcorp.com) announced today it has embarked on a program to develop the massive oil reserves blanketed under and around the Hitzfelder lease, located approximately 40 miles south of San Antonio, Texas. The Company will commence a test project using the Hitzfelder #10 well. It plans to re-perforate the San Miguel formation at 2950 feet in depth in the #10 well; and, hydraulically fracture the well using a proprietary system to facilitate the mobility of the oil. Also, the greatest benefit could be the significant increase of ultimate recovery of oil in comparison to conventional practices and results.
The Company estimates that each 40-acre area could contain as much as 240,000 barrels of oil and 120 million cubic feet of gas. At a conventional recovery factor of 15%, the proved producing reserves would be 36,000 Bbls Oil and 18,000 MCF Gas. At $60 per barrel oil and $7.50 per mcf of gas, the gross value would be $2,295,000. The Company will reduce its cost by using the existing Hitzfelder #10 well drilled through the targeted San Miguel formation. It is estimated that the total development costs will be $100,000. After royalties, taxes and lease operating expense, it is estimated that the well could produce a net profit of $1,289,000, providing a 13.89 to 1 Return on Investment. At a stable production rate of 30 barrels of oil per day and 20 mcf of gas per day, it is estimated that the #10 well would achieve payout in less than 4 months, generating a monthly cash flow of $35,700.
There are 7 additional locations on the Hitzfelder lease, as well as thousands of acres surrounding the lease that can be exploited for the development of the San Miguel formation. In developing these sites, the Company intends to expend approximately $1,000,000, with the ultimate objective of attaining gross revenues of $3,000,000 per annum from this lease, with net income per annum estimated per year to be $1,800,000. Should the Hitzfelder re-entry be as successful, as expected, the Company intends to finance the development of the field with debt financing secured by the proven and probable reserves, thereby saving dilution to the Company's shareholders.
The Company anticipates a highly successful economic test of the Hitzfelder #10 well; and, the subsequent expansion of the program throughout the region, which contains hundreds of millions of barrels of oil trapped in the San Miguel formation ABOUT RIVERDALE OIL AND GAS CORP.
Riverdale was formed in August 2005 to engage in the acquisition of currently producing properties, leases with proven reserves, and the exploration, development and production of oil and natural gas properties. The principal assets of the Company are composed of: (i) a 75.00% working interest (52.50% net revenue interest) in five existing wells (the Foster Workover) located on the Foster Lease in Jim Wells County, Texas consisting of 600 acres with additional drill sites; (ii) a 37.50% working interest (26.25% net revenue interest) in one existing well (the Koomey #2) located in Waller County, Texas; (iii) a 5.50% working interest (3.85% net revenue interest) in 2 existing wells (the Koomey #4 and Koomey #5) located in Waller County, Texas; (iv) a 5% working interest (5% net revenue interest) in a salt water disposal well (the Koomey #1) on one acre located in Waller County, Texas; and (v) a 75% working interest (52.50% net revenue interest) in 2 existing wells (the Bains #A-1 and the Vie-Del #4-1) and all related equipment (i.e., tanks, wellhead equipment, etc.), which covers a total of 480 acres and is located within the S.E. Raisin City Oil Field region of Fresno County, California.
The Company currently owns working interests in a total of 10 existing wells and 1 salt water disposal well located in California and Texas. Based upon independent geological and engineering reports, the Company currently holds proven reserves of $42,391,300 and probable reserves of $180,088,560.
The Company plans to deploy $5 million in 2007 to continue its exploration program on the leases that it owns, and to acquire other existing production, drilling and development of high potential exploratory prospects, as well as lower-risk prospects involving development wells within mature fields with a production history, step-out exploration in areas of existing production, as well as recompletions and workovers of existing wells.
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Earth Biofuels Inc. (OTC BB: EBOF)
RedChip Re-initiates Research Coverage On Earth Biofuels, Inc.
June 19, 2007-- RedChip Visibility, a division of RedChip Companies, Inc., announced today that it will be re-initiating research coverage on Earth Biofuels, Inc. Clay Mahaffey, CFA, RedChip Research Analyst, stated that, "I have spoken to management and it appears the restructuring is complete. I will provide an update on the Company in the near future." About RedChip Companies, Inc.
RedChip Companies is an international small-cap research and financial public relations firm with offices in Beijing and Orlando and affiliates in New York and San Diego. RedChip delivers measurable results for its clients through its extensive international market expertise as well as its comprehensive platform of products: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences held throughout the United States, and RedChip Radio(tm).
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General Metals Corp. (OTC BB: GNLM)
General Metals Corporation Executes Confidentiality Agreement With Newmont Mining Providing Mutual Protection on Data Exchange at Independence Mine
June 18, 2007-- General Metals Corporation (FRANKFURT: GMQ) (the "Company") confirms that on June 14, 2007, after several discussions and meetings at the Company's Independence Mining claims with neighbor Newmont Mining www.newmont.com, we entered into a joint confidentiality agreement regarding an exchange of data by both parties. As previously stated, our Independence Mine is an island in Newmont Mining's claims where their Phoenix Mine is the largest operating gold mine in the US with 8.5 million ounces of gold and 660 million pounds of copper in reserves.
We have requested an opportunity to expand our deep drilling program to Newmont's claims that lie immediately to the west of our claims, believing that our already identified deep target of around 2 million potential ounces of gold will more than double should we be able to expand the drilling footprint. Newmont and General Metals will exchange confidential data "to determine if they wish to sell or participate in an agreement for the properties within the area of interest." Company President and CEO Steve Parent said: "Now that we are ready to share our recently digitized historical information, along with our upcoming drilling on our Phase 1 shallow target, we have the opportunity to work with our neighbor Newmont on future development of our Deep drilling target and on other mining matters of interest. We believe that the timing is right for this important step, since we are commencing drilling operations on our Phase 1 shallow program and are planning our Phase 2 deep drilling program." About General Metals Corporation, Inc: General Metals is a gold and silver mining Company that operates the Independence Mine in Battle Mountain, NV and has recently acquired 150 sq. km. with a full prospecting license for gold, diamonds and base metals in Ghana, West Africa. The Independence mine is predominately a silver mine that produced from 1938 through 1987. Historic production by the various operators totaled 750,200 ounces silver and 11,029 ounces gold. The average recovered grade of all recorded production was 0.17 oz. gold and 11.53 ounces of silver per ton. Historical and recent geologist and engineering reports discuss an estimated 235,000 ounces of gold and 2.5 million ounces of silver in the Independence shallow target (Phase 1) and from 818,000 -2 million ounces of gold in the Independence deep target.(Phase 2). A comprehensive discussion is available at www.generalmetalscorporation.com
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