Giant Petroleum, Inc. hopes new field will help reduce reliance on foreign oil.
(PRWEB) July 26, 2007 — Giant Petroleum, Inc. announced the discovery of oil in a new field in the Marfa Basin of West Texas. The successful Giant-Lykes DPW #1C discovery well is located 35 miles south of Alpine, Texas.
"Due to the geologic success of the first well, we are planning to move forward and aggressively develop our relatively large acreage positions in Presidio and Brewster Counties," President of Giant Petroleum, Inc., Chris Plunkett said.
The confirmation of the new discovery came by electric logging which established the presence of abundant hydrocarbons within the target formation along with other unexpected, yet potentially productive horizons. A hydrocarbon, as its names suggests, is comprised of hydrogen and carbon and is easily found in crude oil.
The Giant-Lykes DPW #1C oil well is scheduled for completion in the upcoming weeks and is just one of many projects that Giant Petroleum, Inc. has planned in West Texas.
"Giant Petroleum is a small but growing company in a unique position to be a leader in this little-explored part of the country,” Chief Operations Officer, Giant Petroleum, Inc., Wes Harris, said. "We feel the timing is right and the technology is now there to exploit these virtually untapped reserves. This is absolutely necessary as we strive to decrease our dependence on foreign oil."
The Marfa Basin oil project took nearly three months with just as many attempts due to the drilling environment in West Texas. Once the drilling difficulties had been overcome, the well was logged and production casing (used to keep the hole from collapsing) was run.
"We anticipate this well to be very productive based on the e-log interpretations and examinations of well bore cuttings,” Plunkett said.
About Giant Petroleum, Inc.:
Giant Petroleum, Inc. (www.giantpetroleum.com), located in Las Colinas, Texas, is a successful, private company formed for the purpose of developing prime oil and gas properties, which meet the Company's high standards as well as purchasing undervalued producing oil and gas properties on behalf of the Company and the Company's partners.
Contact:
Chris Plunkett
President and CEO
1320 Greenway Drive, Suite 560
Irving, TX 75038
Phone: 972.607.4300
Fax: 972.580.0467
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