Brek also announced that Vallenar will commence, in mid-July, a drilling process which, if successful, will prove up a shallow, heavy oil play on its 8500 acre tract in Edwards County, Texas. Vallenar expects to drill between 3 and 5 wells. Upon completion of the multi-hole drill program, management will be able to determine the type of recovery method, the validity and economic viability of the Prospect, and evaluate production potential by means of a small pilot recovery program.
Advances in oil production technology are making the production of heavy hydrocarbons a commercial reality. In the USA, heavy hydrocarbon deposits are estimated to be more than eight times that of the nation's remaining reserves of conventional crude oil. Prospects that would have been shut-in or passed over as economically marginal during the 1980s are now being actively developed with support and encouragement of the Department of Energy which is spearheading a new wave of technology improvements to keep America's oil field pumping. Vallenar aims to prove up and achieve commercial success in the development and production of its Rock Springs Prospect with advanced recovery methods.
About Vallenar Energy Corp.
Vallenar Energy Corp., (Vallenar") a private Nevada oil and gas exploration and development company with Texas based oil & gas leases is located approximately 100 miles west of San Antonio. Historical data indicates a shallow, heavy oil play within the Cretaceous aged Glen Rose limestone and Travis Peak sandstone. Though a multi-hole drill program commencing in mid July, management hopes to substantiate historical data and technical reports that indicate substantial reserves with commercially viable potential via modern enhanced recovery methods. Geologically, the Prospect is a shallow north-south anticline believed to have approximately 75 feet of closure covering approximately 29,500 acres with Travis Peak having 50 to 200 feet of net pay. Vallenar has secured leases on 8,500 acres of what is believed to be optimum ground within the prospect.
About Brek Energy Corporation
Brek Energy Corporation owns significant interests in emerging non-conventional energy companies and assists in building these companies and their assets to their full potential. Brek Energy Corporation, formerly First Ecom.com Inc., also provides electronic payment solutions through its wholly owned subsidiary, First Ecom Systems Limited. The Company's common shares trade on the NASDAQ National Market System under the symbol BREK.