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GOB confirms oil discovery #13898
04/17/01 07:10 PM
04/17/01 07:10 PM
Joined: Apr 2000
Posts: 8,868
SP Daily Offline OP
SP Daily  Offline OP
The Geology and Petroleum Department of the Ministry of Natural Resources today
confirmed Reporter's story of five weeks ago that traces of oil had been discovered in the
Cayo district.

In the release, the Geology Department refers to the oil find as "the Calla Creek Oil
Show". The department reports that Peter and Hero Margassen found "unmistakable traces
of crude oil" at a depth of 130 feet while drilling for water on their farm near Clarissa
Falls, some two miles north of the Western Highway.

A local company, Belize Oil Exploration and Drilling , is already negotiating the option to
drill on block 5, where the Calla Creek Oil Show is located. Geology and Petroleum Director
Mrs. Evadne Wade, "out on a seminar" when Reporter first broke the story, reports that
the samples of crude yielded API values of 25.6 to 16.04 degrees, with a sulphur content
of 2.4%.

Minister of Natural Resources, Johnny Briceño, out of the country five weeks ago, has
commented that the oil show looks "promising," but declined to comment further until the
Petroleum Department completes a wide range of tests and other analyses.

Re: GOB confirms oil discovery #13899
04/27/01 08:17 AM
04/27/01 08:17 AM
Joined: Jun 2000
Posts: 49
wichita, kansas
mazzullo1 Offline
mazzullo1  Offline
Yes, a "wide range of tests" is certainly necessary before anyone should get excited. A show of oil at 130 feet is nothing to get excited about, especially at the API gravities they reported. Beware of those who are ready to drill at the slightest provocation without doing their geologic "homework" first -- that is, beware of a company looking for investors in such a project. Boats, homes, and oil ventures are money pits. Know how to make a small fortune in the oil business? Start out with a large fortune.

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