SOURCE: Parafin Corporation

March 10, 2010 14:28 ET

ParaFin Corporation Will Focus on 3-D Re-Processing of Existing Seismic Data From the Company's Approximately 6,000,000 Acre Hydrocarbon Farmout Concession in the Republic of Paraguay

RENO, NV--(Marketwire - March 10, 2010) -  ParaFin Corporation (PINKSHEETS: PFNO): The Directors of ParaFin Corporation 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. The report can be viewed on the Corporation web site at www.parafincorp.com.

Utilizing the recommendations of the January 1, 2010 report of Byron Ayme, ParaFin Corporation 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. ParaFin 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 ParaFin 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.

Contact Information

  • Contact Name:
    Sid Fowlds
    Cell: 213 604-6504