ParaFin Corporation (Other OTC: PFNO.PK)
ParaFin Corporation executed a farmout agreement to acquire the development rights to hydrocarbon concessions in the Republic of Paraguay. These concessions consist of 2,456,453 hectares (approximately 6,069,994 acres) in the Alto Parana Block, Alto Parana Province, the Republic of Paraguay.
Recently, PFNO’s Directors have approved a development program for the approximately 6.6 million acre hydrocarbon Farmout Concession in the Republic of Paraguay based on the geophysical report of Byron Ayme, consulting geophysicist, dated January 1, 2010.
Utilizing the recommendations of the January 1, 2010 report of Byron Ayme, PFNO plans to do extensive 3-D re-processing of all existing seismic data. The re-interpretation of all existing seismic data will be done in Houston, Texas and Calgary, Alberta. The labs have the latest equipment available to do the 3-D re-interpretation of existing seismic.
The geophysical report dated January 1, 2010 indicates the Alto Parana Region’s Reserves have a very high probability of approximately 2,000,000,000 (Two Billion) Barrels of Crude. PFNO has concluded that the region also has potential for substantial gas reserves.
Brazil’s latest offshore discovery, estimated at 33,000,000,000 (33 Billion) Barrels, confirms the potential for reserves in the Chaco Parana Basin that covers most of Paraguay and portions of Brazil, Uruguay, Argentina and Bolivia.
After the re-interpretation of all existing seismic data, the Farmout Agreement requires PFNO to drill a well to a depth of the shallowest of (1) eleven thousand five hundred (11,500) feet, (2) the bottom of the Devonian formation or (3) the basement underlying the site of the Farmout Obligation Well on the Alto Parana Concession.
PFNO plans to do extensive re-processing of all available 2D seismic data available in the area using the latest modern techniques available including depth conversion. The data will be mounted on work stations and interpreted in Houston, Texas and Calgary, Alberta where the labs have the most modern equipment available to do the re-interpretation of existing 2D seismic. Once the results of the re-interpretation of the existing 2D seismic is complete, well location will be determined from that data and drilling will commence.
Upon the establishment of production, new seismic will be done and a 3D survey employing state of the art technology will then be undertaken in order to determine the extent of the reservoir.
To view the complete Geophysical Report of Byron Ayme, CLICK HERE
About ParaFin Corporation
ParaFin Corporation, a development stage company, engages in the acquisition and exploration of oil and gas properties. The company executed a farmout agreement to acquire the development rights to hydrocarbon concessions in the Republic of Paraguay.
Visit ParaFin Corporation (PFNO.PK) for more information at http://www.parafincorp.com
Sungro Minerals Inc. (OTCBB: SUGO)
SUGO is taking the necessary steps to complete the NI 43-101 report. All available data from prior operators is now being compiled in preparation for an immediate program of geologic mapping and geochemical sampling to define targets for a drill program planned for 2010.
One of our consulting geologists stated “The reports from prior exploration company’s suggest the target area could be one of the largest gold deposits in North America”.
The Conglomerate Mesa Project hosts structurally and stratigraphically controlled, sediment-hosted gold mineralization similar to the “Carlin-type” deposits of north-central Nevada. The property was originally explored by a Fortune 500 corporation while it was within the Cerro Gordo Wilderness Study Area (WSA). Newmont withdrew from Conglomerate Mesa in 1993. Federal agencies dropped the property’s WSA status the following year. The core area of the Conglomerate Mesa property was explored by a second Fortune 500 exploration company in 1995, with eight target zones identified, based partly on surface road cut channel samples. In 1997, they conducted a widely-spaced, 10-hole reverse-circulation drill program at Conglomerate Mesa.
About Sungro Minerals Inc.
Sungro Minerals Inc., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in the United States. It holds interest in the Conglomerate Mesa project, which consists of 341 unpatented lode mining claims covering approximately 6,800 acres in Inyo County, California. The Conglomerate Mesa project is a structurally and stratigraphically controlled sediment-hosted gold system similar to the Carlin-type deposits of north-central Nevada. The company also intends to undertake the completion of a NI-43101 Style Report, which includes previous and new assays of expected gold content and other mineralization.
Visit Sungro Minerals Inc. (SUGO.OB) for more information at http://www.sungrominerals.com
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