GREAT FALLS, Mont.--()--Eco-Trade Corp. (OTCQB BOPT), an independent oil and gas exploration Company, has received a third party report that estimates that the unproven recoverable reserve is between 80 and 120 million barrels of oil at its South Bakken Prospect according to a report issued by BAKKENQUEST, LLC from Clancy, MT.
“significant oil hydrocarbons in place, 13-15 MMBOE per section, and over-pressured reservoirs”
In the report, the South Bakken Prospect has a potential reserve of between 80 and 120 million barrels of oil based on 9 sections within the property 10 to 15 MMBO per section recoverable. Major oil companies are aggressively purchasing mineral leases and drilling in the Bakken Fairway including Rosetta Resources, which has drilled over 6 exploratory wells and confirms "significant oil hydrocarbons in place, 13-15 MMBOE per section, and over-pressured reservoirs".
The U.S. Energy Information Administration (EIA) recently released its monthly report on petroleum supply and found that U.S. crude oil production exceeded an average of 7 million barrels a day between November and December of 2012. This represents the highest levels of production since December 1992.
Canon Bryan, Director at Eco-Trade, noted, “By the time we have acquired a property or have signed a prospect development agreement, we have an excellent idea where our assets are positioned. It is at this stage that we spend our energies and expertise mapping out the best strategies to build solid returns on investment.”
Eco-Trade is fully-reporting, independent oil and gas exploration company, that has drilling and production rights on a property in Lewis & Clark County in Montana, near Great Falls totaling over 5,800 acres called the South Bakken Prospect. Please visit www.ecotradecorporation.com
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Report on Form 10Q filed on November 13 2012, as well as the information contained in this release, and amended risk factors to investment that may be found at http://www.ecotradecorporation.com/contact/safe_harbor.html when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), or Estimated Reserve Potential (ERP), Estimated Ultimate Recovery (EUR) that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Additional information may be found at the following web site: http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm