El Paso Corporation Announces Tot Discovery
December 03 2008 - 9:00AM
Marketwired
El Paso Corporation (NYSE: EP) announced today that the Tot
exploration well, 1-ESS-185D, located in the ES-5 block offshore
Brazil, is a discovery. Through its Brazilian E&P subsidiary,
El Paso has a 35 percent working interest in the Petrobras-operated
well. The well is located 30 kilometers offshore in 61 meters of
water, and was drilled to a total vertical depth of 4,521 meters.
Preliminary evaluation of logs and core analysis suggests a
reservoir thickness similar to the main objective in the Camarupim
development on the south end of the block. Continuing formation
evaluation, including possible drill stem tests, will be
forthcoming.
"We are delighted to report a new discovery in the ES-5 block
along with excellent progress on the Camarupim development
project," said Brent Smolik, president of El Paso Exploration and
Production. "In 2009, we will begin to realize the benefits of our
successful exploration efforts in Brazil, and our production there
will become an increasingly important part of our future production
and reserve growth."
El Paso Corporation provides natural gas and related energy
products in a safe, efficient, and dependable manner. El Paso owns
North America's largest interstate natural gas pipeline system and
one of North America's largest independent natural gas producers.
For more information, visit www.elpaso.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes certain forward-looking statements and
projections. The company has made every reasonable effort to ensure
that the information and assumptions on which these statements and
projections are based are current, reasonable, and complete.
However, a variety of factors could cause actual results to differ
materially from the projections, anticipated results or other
expectations expressed in this release, including, without
limitation changes in reserve estimates based upon internal and
third party reserve analyses; our ability to meet production volume
targets in our Exploration and Production segment; changes in
commodity prices and basis differentials for oil, natural gas, and
power; general economic and weather conditions in geographic
regions or markets served by the company and its affiliates, or
where operations of the company and its affiliates are located,
including the risk of a global recession and negative impact on
natural gas demand; the uncertainties associated with governmental
regulation; political and currency risks associated with
international operations of the company and its affiliates;
competition; and other factors described in the company's (and its
affiliates') Securities and Exchange Commission filings. While the
company makes these statements and projections in good faith,
neither the company nor its management can guarantee that
anticipated future results will be achieved. Reference must be made
to those filings for additional important factors that may affect
actual results. The company assumes no obligation to publicly
update or revise any forward-looking statements made herein or any
other forward-looking statements made by the company, whether as a
result of new information, future events, or otherwise.
Contacts: Investor and Public Relations Bruce L. Connery Vice
President Office: (713) 420-5855 Media Relations Richard Wheatley
Office: (713) 420-6828
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