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#255108 - 11/01/07 07:52 PM Large block granted in southern Belize for oil
Marty Offline
Large block granted in southern Belize

By OGJ editors
HOUSTON, Nov. 1 -- Providence Energy Belize Ltd., Houston, has acquired exploration and production rights to 531 sq miles in and off southern Belize.

The agreement provides for 8 years for exploration and 25 years per discovered oil field.

Nearly all of the 57 wells drilled in Belize had oil shows or are producing oil, "indicating the source rock is exceptional," said Scott Bayless, chief executive officer of Providence Energy Group.

Kyou Kim, Providence's senior geologist, noted that part of Mexico's western coast is a subduction zone where the organic-rich sedimentary Pacific basin is folding underneath the Mexican continental shelf at 5-15 cm/year.

Bayless said the lands covered by the agreement "are strategically positioned in southern Belize where we believe a major oil migration path extends from Southern Mexico and the subduction zone, through Guatemala, into Belize."

Belize began producing oil in 2006 when Belize Natural Energy Ltd. and CHX LLC, private Denver independents, found 38° gravity sweet crude near Spanish Lookout in the northern part of the country about 55 miles west-southwest of Belize City (OGJ Online, Feb. 24, 2006).

R. Ramanathan, consultant to the Belize government, said in March 2006 that he believes the next discoveries in Belize will be made in the "southern offshore basin, where it is continuous with the field of Guatemala…and also the southern basin on land near Crique Sarco, Monkey River, and the Punta Gorda Belt…and more in the southern offshore basin including Glover's Reef." Providence's lands encompass these areas.

The lands contain oil seeps, gas seeps, tar balls, and oil slicks, Bayless said. They lie about 300 miles southeast of Mexico's giant Cantarell fields in the Bay of Campeche.

http://www.ogj.com/display_article/31082...outhern-Belize/

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#255342 - 11/03/07 06:38 PM Providence Energy Group Signs Petroleum Concession [Re: Marty]
Short Offline
Providence Energy Group Signs Petroleum Concessions in Belize, C.A.
November 01, 2007
08:04 AM Eastern Daylight Time


HOUSTON--(BUSINESS WIRE)--Providence Energy Belize, Limited (a fully owned subsidiary of Providence Energy Group, Inc) formally signed a Production Sharing Agreement with the Ministry of Petroleum in Belize for 531 square miles of petroleum concessions located on, near and offshore Belize, where international attention has been gathering since petroleum was discovered eighteen months ago.

“We are pleased to work with Providence and wish them well,” stated Florencio Marin, Minister of Natural Resources. “We are eager for more discoveries of black gold,” Marin continues, “and we chose Providence as a petroleum partner because they have the knowledge and expertise we believe will lead to another discovery, which will be beneficial to both Providence and our country.”

Although its agreement extends up to eight years for exploration, the contract maintains that every discovered oil field has a 25 year contractual life. Through the past year, in partnership with the Ministry of Petroleum, Providence has assembled the most extensive data room on hydrocarbons in Belize. This data — reprocessed well logs, seismic surveys, and over 200 feasibility studies and maps — should give the Company a strategic advantage in Belize. Providence has been actively studying this and other geological data, and the Company has already identified multiple areas for future development.

"Exploration in Belize has hardly begun, which is interesting since nearly all of the 57 wells drilled there either had oil shows or are currently producing oil, indicating the source rock is exceptional,” said Providence Energy Group CEO, Scott Bayless. “There are 20 times more wells drilled in the state of West Virginia each year than in the entire history of Belize, and nearly every well was explored years ago with rudimentary technologies that we would consider antiquated by today’s standards.”

With the recent discoveries in Belize, there is little doubt whether hydrocarbons exist there. According to Dr. Kyou Kim, PhD, Providence’s senior geologist, “Belize is very significant in terms of petroleum geology. Approximately 200 million years ago the Yucatan peninsula was adjacent to the coast of Venezuela, where some of the largest oil fields are known to exist. That this peninsula (encompassing Southern Mexico, Guatemala and Belize) holds the 2nd largest oil field in the world (the Cantarell field of Mexico) is no coincidence,” stated Kim. “This region resembles the Gulf region of the Middle East, which holds over 50% of our known reserves. Not only does the Yucatan have a similar geology as the Gulf, but it also has an analogous subduction zone — a geological phenomenon which continually generates both petroleum and petroleum traps and renders the ‘chicken-and-the-egg’ problem of timing somewhat irrelevant.”

The subduction zone Dr. Kim refers to is an area on the western coast of Mexico, where the organic rich sedimentary Pacific basin is folding underneath the Mexican continental shelf at a rate of about 5 to 15 centimeters per year. Similarly, the Saudi peninsula is folding underneath Iran, which Kim believes is the primary generator of petroleum and traps for that region. The timing problem, he referred to, constitutes an industry concern that traps are oftentimes created before oil migration, which renders them empty. With a subduction zone, on the other hand, oil is continuously generated and traps are continually formed.

The Company believes not just that Belize will become a significant petroleum state, but that its concessions will be a major area of discovery. “We are more than elated with the location of our concessions,” stated Bayless. “They are strategically positioned in southern Belize where we believe a major oil migration path extends from Southern Mexico and the subduction zone, through Guatemala, into Belize.”

Reminiscing this idea, Dr. Ramanathan, Ph.D., Petroleum Consultant to the Government of Belize, publicly stated after the last discovery (March 28, 2006 Channel 7 News conference) that he believed the next place of discovery in Belize would be the “Southern offshore basin, where it is continuous with the field of Guatemala… and also the southern basin on land near Crique Sarco, Monkey River and the Punta Gorda Belt…and more in the southern offshore basin including Glover’s Reef.” Providence’s concessions encompass these areas.

“Our concessions contain oil seeps, gas seeps, tar balls and oil slicks,” Bayless continues. “Many people don’t realize that a seep producing a barrel per year beginning in the Cretaceous period would have filled a trap with 75 million barrels by the present age, about the same size of the current producing field in Belize. What’s really exciting is the petroleum seeps and slicks throughout our concession areas are much more prolific.”

Interestingly, the Cantarell field, just over 100 miles north of Belize, was discovered near an oil slick reported by a fisherman named Cantarell.

About Providence Energy Group

Providence Energy Group was formed in 2006 as an independent energy company primarily focused exploration and production of hydrocarbons in the United States and Belize. The Company strategy is two fold: acquire producing fields in the United States and exploration in promising frontier basins. The company is headquartered in Houston, TX. To learn more about Providence Energy Group, visit our website at www.providenceenergygroup.com .

Forward Looking Statements

Statements in this news release are "forward-looking" as defined by the U.S. Securities and Exchange Commission and are based on expectations, beliefs or projections that are subject to numerous risks and uncertainties. Investors are cautioned that these statements are not guarantees of future performance, and actual results could differ materially. Please refer to the company's document titled "Risk Factors."

For more information, contact: Rachael Harriman, rachael.harriman@pegoil.com, (775) 741-8818.

http://home.businesswire.com/portal/site...amp;newsLang=en
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#255343 - 11/03/07 06:38 PM Belize fortunes expected for Providence [Re: Short]
Short Offline
Belize fortunes expected for Providence
Filed from Houston
11/2/2007 2:29:10 PM GMT


BELIZE: Providence Energy Belize Ltd., a wholly-owned subsidiary of Providence Energy Group Inc., signed a production sharing agreement with the Ministry of Petroleum in Belize for 531 square miles (1,375 sq km) of petroleum concessions located onshore and offshore Belize. The agreement extends up to eight years for exploration, and every discovered oil field has a 25-year contractual lifespan.

Over the past year, in partnership with Belize's Ministry of Petroleum, Providence assembled a data room on hydrocarbons in Belize including reprocessed well logs, seismic surveys and over 200 feasibility studies and maps. Providence has been studying this and other geological data, and the company has identified multiple areas for future development.

"Exploration in Belize has hardly begun, which is interesting since nearly all of the 57 wells drilled there either had oil shows or are currently producing oil, indicating the source rock is exceptional," said Providence Energy Group CEO Scott Bayless.

Dr. Kyou Kim, Providence's senior geologist, is very optimistic about his company's future in Belize's oil patch. "Belize is very significant in terms of petroleum geology," Kim said. "This region resembles the Gulf region of the Middle East, which holds over 50 percent of our known reserves. Not only does the Yucatan have a similar geology as the Gulf, but it also has an analogous subduction zone, a geological phenomenon which continually generates both petroleum and petroleum traps."

http://www.energycurrent.com/index.php?id=2&storyid=6509
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