LITTLETON, Colo., Nov. 14, 2006 (PRIMEZONE) -- Eternal Energy Corp. (OTCBB:EERG) announced today that it has acquired a 100% interest in over 100,000 gross and net acres in its developing Mississippian-Chainman shale project at Big Sand Spring Valley in the Great Basin of Nevada.
Additional shallower targets in the project include established reservoirs in the Railroad Valley Oligocene Volcanics and sandstones in the Diamond Peak Formation. These zones fall immediately above the oil source generating shales of the Chainman formation.
To date, drilling in the Big Sand Spring Valley has been extremely limited although three wells have previously drilled through the Chainman to test deeper objectives.
The previously drilled Exxon Wildhorse and Arco Squaw Hills wells were essentially spud in the Chainman and encountered approximately 700 feet of the zone. The Arco Wood Canyon well drilled into the Chainman at 3,870 feet and encountered 645 feet of Chainman host rock. Analysis from these wells establishes that the Chainman can be a hydrocarbon source rock within EERG's project area and that drilling in the deeper part of Big Sand Spring Valley should encounter additional Chainman shales and potential reservoir enhancing clastic units.
Fourteen miles to the east of the Big Sand Spring Valley reservoirs, numerous wells have been drilled within Railroad Valley, producing over 36-million barrels of Chainman-derived oil. Oil samples from these fields have been isotopically typed and can be definitively associated with Chainman as the source.
Eternal Energy Corp. has released its option on the Cherry Creek Prospect in favor of pursuing the opportunity at Big Sand Spring Valley.
About Eternal Energy Corp.:
Eternal Energy Corp. is an oil and gas company engaged in the exploration for petroleum and natural gas in the State of Nevada and the North Sea. The company was incorporated in Nevada on July 25, 2003 to engage in the acquisition, exploration and development of natural resource properties.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of Eternal Energy Corp. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions.