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Thursday April 1st, 2010
DrStockPick.com Stock Alert!
PFNO, ParaFin Corporation, PFNO.PK
PFNO and a Private Equity Firm have both signed a Term Sheet whereby the Private Equity Firm, based out of Wilmington, DE, will commit to purchase up to $6M USD of shares of common stock of Parafin. The investor is a private equity firm that invests capital into companies in the emerging markets. They have invested in over 100 public and private companies in various sectors including oil and gas, communication, arts and entertainment, services and medical sectors.
Sid Fowlds, the CEO of PFNO, stated, “Once the final Agreements have been executed, Parafin plans to immediately begin the 3-D re-processing of all existing seismic data. Having this capital moves Parafin closer to our goal of drilling our first well by the end of summer this year. The remainder of proceeds will be used to meet working capital needs as the company prepares to drill.”
2,000,000,000 (Two Billion) Barrels of Crude Could be Waiting for PFNO in the Republic of Paraguay
PFNO, a development stage company, engages in the acquisition and exploration of oil and gas properties. PFNO executed a farmout agreement to acquire the development rights to hydrocarbon concessions in the Republic of Paraguay. These concessions consist of 2,456,453 hectares (approximately 6,069,994 acres) in the Alto Parana Block, Alto Parana Province, the Republic of Paraguay.
Recently, PFNO’s Directors have approved a development program for the approximately 6.6 million acre hydrocarbon Farmout Concession in the Republic of Paraguay based on the geophysical report of Byron Ayme, consulting geophysicist, dated January 1, 2010.
Utilizing the recommendations of the January 1, 2010 report of Byron Ayme, PFNO plans to do extensive 3-D re-processing of all existing seismic data. The re-interpretation of all existing seismic data will be done in Houston, Texas and Calgary, Alberta. The labs have the latest equipment available to do the 3-D re-interpretation of existing seismic.
The geophysical report dated January 1, 2010 indicates the Alto Parana Region’s Reserves have a very high probability of approximately 2,000,000,000 (Two Billion) Barrels of Crude. PFNO has concluded that the region also has potential for substantial gas reserves.
Brazil’s latest offshore discovery, estimated at 33,000,000,000 (33 Billion) Barrels, confirms the potential for reserves in the Chaco Parana Basin that covers most of Paraguay and portions of Brazil, Uruguay, Argentina and Bolivia.
After the re-interpretation of all existing seismic data, the Farmout Agreement requires PFNO to drill a well to a depth of the shallowest of (1) eleven thousand five hundred (11,500) feet, (2) the bottom of the Devonian formation or (3) the basement underlying the site of the Farmout Obligation Well on the Alto Parana Concession.
PFNO plans to do extensive re-processing of all available 2D seismic data available in the area using the latest modern techniques available including depth conversion. The data will be mounted on work stations and interpreted in Houston, Texas and Calgary, Alberta where the labs have the most modern equipment available to do the re-interpretation of existing 2D seismic. Once the results of the re-interpretation of the existing 2D seismic is complete, well location will be determined from that data and drilling will commence.
Upon the establishment of production, new seismic will be done and a 3D survey employing state of the art technology will then be undertaken in order to determine the extent of the reservoir.
To view the complete report CLICK HERE
Keep a close eye on PFNO from now on!!! The stampede of black gold could be coming!!
More about PFNO at www.parafincorp.com
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