LAS VEGAS, June 24, 2004 (PRIMEZONE) -- KoKo Petroleum, Inc. (Pink Sheets:KKPT) ("The Company") has been notified by Armen Energy Corp., the project operator, that the drilling of our first well, named "1B McKinney", has been completed to a depth of 3,765 feet. All three target zones, which included the Woodbine, Wolfe City, and the Pecan Gap, have been penetrated. Additionally, the well has been logged and sidewall core has been shot and evaluated.
The Pecan Gap zone was penetrated at a depth of 1,600 feet with an overall thickness of 20 feet, with an estimated 11 feet of oil bearing rock. The Wolfe City zone was penetrated at a depth of 1,808 feet with an overall thickness of approximately 32 feet. Based on the log and side-wall core analysis, the Wolfe City appears to have an estimated 9 feet of oil bearing rock. Porosities in both zones range between 20% and 25%.
The Woodbine zone was penetrated at a depth of 3450 feet. Log and sidewall core showed promising signs of gas and oil. While the results were encouraging, they were not definitive enough to warrant the additional completion costs. The Woodbine will continue to be explored in more structurally favorable locations.
Armen Energy is currently setting and cementing production casing. Armen will begin the completion process of both zones over next two weeks.
With continued success, 20 to 50 addition wells could be drilled on the existing acreage. KOKO Petroleum intends to fully develop its interests in this prospect.
Safe Harbor
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.