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KOKO PETROLEUM (KKPT) - This is our #1 pick this week
Our last pick gained $2.16 in 4 days of trading.
Current Price: $1.09
5 day expected price $2.10
This has been a great producer in our last PR Campaign
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 17, 2006--KOKO Petroleum, Inc. (PINK SHEETS:KKPT - News) has now completed two wells. The wells have now been equipped for production. The first two days resulted in the recovery of water from the formation and the oil cut (percentage of oil to water) has now increased substantially. The water should be eliminated within a few days. Production tanks and separator are being installed
KOKO Petroleum, Inc. (PKKPT - News) announced today that it has revised its Letter of Intent with JMT Resources, Ltd. Fort Worth Texas regarding the Development of JMT's polymer flood pilot program on its leasehold located in Corsicana, Texas.
The previous agreement focused only on the pilot program for the polymer flood in a specific area of JMT's acreage. The revised agreement gives KOKO the right, via a master joint venture, to participate in all of JMT's acreage in the Corsicana Field which totals 7,838 acres. As mentioned in previous releases, this leasehold is the oldest oil field in Texas and was discovered in the 1890's by a company that eventually became Mobil Oil.
Recent geological analyses indicated there are several zones under the Nacatoch zone (where the polymer flood is being developed) which are oil bearing and have an excellent possibility for commercial production. These zones include the Pecan Gap, Austin Chalk and Wolf City. The joint venture plans on shooting 3D seismic over portions of the Field to better understand the potential of these zones and corresponding reserves. Subsequently, an aggressive horizontal and vertical drilling plan will be implemented to capitalize on the seismic findings.
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