LITTLETON, Colo., Jan. 24, 2007 (PRIME NEWSWIRE) -- Eternal Energy Corp. (OTCBB:EERG) announced that it expects to start its Laurel Valley Quad 14 drilling program on or about March 15, 2007.
EERG is participating in the drilling of an exploratory test well on a 255 square kilometre (63,000 acres) prospect located within Quad 14 in the North Sea.
"We're very excited that our drilling program is about to begin," said Brad Colby, CEO of Eternal Energy Corp. "Regionally, the prospect is located in a very prolific trend. The block is located 24 kilometres south of the 639 million barrel Claymore field; 20 kilometres south of the 132 million barrel Scapa field; and 9 kilometres north of the 592 BCF Goldeneye field. These fields were developed on graben trends identified by seismic data. Based on a 3-D seismic survey, a similar graben exists over the Laurel Valley prospect, so we are optimistic."
Recent 3-D seismic data indicate the potential for trapping hydrocarbons in at least 3 potential reservoirs in the Quad 14 acreage block.
Transocean's Sedco 712 propulsion-assisted semi-submersible drilling vessel will be conducting the Quad 14 drilling operation. EERG's partners in this project are Oilexco, International Frontier Resources and Gulf Shores Resources.
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.