Penny Stocks News
Jul 28, 2008 8:30:00 AM
TAMPA, FL -- (MARKET WIRE) -- 07/28/08 -- On May 30, 2008, Jericho Energy (PINKSHEETS: JECI) held a special scientific conference at its Tampa, Florida location, which focused on the latest scientific advancements in locating oil reserves and the company's upcoming role in United States domestic oil production. Renowned geophysicist and geologist Robert Dunbar who, for the last twenty-five years, has been working with a method for finding oil reserves called radiometrics, conducted the conference. Mr. Dunbar has found over 830 oil producing wells using this radiometric technique.
In recent years, Mr. Dunbar has perfected a new method of radiometrics testing called Radiometric Plus, which has a much higher degree of accuracy than the standard Radiometric system.
Robert Dunbar stated, "Radiometric Plus is a truly amazing advancement in the science of finding oil reserves. Since finding oil is a percentage game, you need to increase your odds as much as you can, and we have done that with Radiometric Plus because it increases the chances for success to 95%, which is 20% higher than the standard Radiometrics 75% accuracy level."
Robert Dunbar, who was initially engaged by Jericho in 2006 to survey certain geographic locations the company believed held production potential, has recently used Radiometric Plus to map specific Jericho land lease areas. The maps are contained on the company's site at www.JerichoEnergy.com under the company's current projects. Jericho Energy also is examining the potential for additional supportive and supplemental testing of the areas utilizing satellite imaging to ensure the highest accuracy level possible.
"Following the conclusion of the conference given by Robert Dunbar, we are more convinced than ever that the Rush Valley in Utah holds enormous oil reserves, and we plan on drilling for them by November of this year. The recovery of these reserves will allow Jericho to assist in the country's growing petroleum needs. The future is extremely bright for Jericho Energy and its shareholders," stated Vice President Joseph Abdo.