Eyecity.com, Inc. Makes Major Move
22 July 2008 - 4:34AM
Marketwired
DALLAS, TX -- After evaluating the proposals brought before the
board, the recommendation was made to enter into a Letter Of Intent
with an operator located in the southern United States offering a
secondary recovery project.
As with all oil and gas plays, there is some risk. The company
feels this play substantially reduces its exposure while providing
the highest potential for success.
Primary recovery is the initial period of production when the
well is either flowing or placed on pump. This initial period is
when the well(s) will produce between 20% to 32% of the
hydrocarbons in place in the formation. When a well has limited or
no oil, gas, or water coming into the wellbore, you then move on to
what is called the secondary recovery period.
The successful to non-successful ratio of water floods, or
secondary recovery efforts, in the geographic area of this play can
be quickly categorized as having been extremely profitable. The
western portion of this field has had several secondary recovery
efforts, and has averaged almost 1 BO (Barrel of Oil) produced from
secondary recovery methods, for every 1.3 BO (Barrel of Oil)
produced from primary production. This prospect calls for the
flooding of a proven zone in the eastern portion of the field which
has produced in excess of 1.9 MMBO (Million Barrels of Oil) across
approximately 1.2 miles. This lease is situated on the highest and
thickest portion of this structure.
The Company believes that focusing on secondary recovery
properties with proven reserves is a cost and risk efficient method
to generate strong financial returns.
This Letter of Intent will be signed and a board meeting will be
held to confirm the direction of the project this coming
Thursday.
Joe Parker was quoted as saying "This play encompasses all of
the features one would look for in a secondary recovery project.
Mainly, substantial primary oil production and favorable formations
capable of accepting the water to re-pressurize the tar get
formation. I am anticipating this project providing a substantial
ROI and will assist on mitigating unnecessary risk for Eyecity.com
shareholders."
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," which
are statements related to future, not past events. In this context,
the forward-looking statements often include statements regarding
our goals, plans, projections and guidance regarding our financial
position, results of operations, market position, pending and
potential future acquisitions and business strategy, and often
contain words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks" or "will." Any such forward-looking statements
are not assurances of future performance and involve risks and
uncertainties that may cause results to differ materially from
those set forth in the statements.
These risks and uncertainties include, among other things, (a)
general economic and business conditions, (b) the level of
strategic partner incentives, (c) the future regulatory
environment, (d) our cost of financing, (e) our ability to complete
acquisitions and dispositions and the risks associated therewith,
and (f) our ability to retain key personnel. These factors, as well
as additional factors, could affect our forward-looking statements.
We urge you to carefully consider this information. We undertake no
duty to update our forward-looking statements, including our
earnings outlook.
Contact: Anthony Baker 214-986-4321
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