[798] in im locker bugs
[re:] You have to heard this
daemon@ATHENA.MIT.EDU (Sherry Hackett)
Fri Mar 3 14:56:02 2006
Date: Fri, 3 Mar 2006 19:55:50 -0540
From: "Sherry Hackett" <joe@0movein.com>
Reply-To: "Sherry Hackett" <joe@0movein.com>
To: bug-im@mit.edu
Market Pulse List KKPT Among TOP FOUR Movers
Pr0filed: KOKO PETROLEUM (KKPT)
Sym: K K P T
Current Price: 1.32
Up .42 in last week
Watch out the st0ck go crazy on Monday morning
H e a d l i n e s:
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."
Good Tradin g
