AUSTIN, Texas, June 29, 2017 /PRNewswire/ -- Chocolate Flats Petroleum, Inc., an Environmental Exploration and Production company, goes nuclear and zeroes in on targets using Nuclear Magnetic Resonance (NMR). In an industry with high financial risks and rewards, nothing comes with higher risks than wildcatting for oil and gas deposits. Using the most accurate and advanced mineral exploration technology known, Chocolate Flats Petroleum, Inc. is set to succeed where others fail.
Chocolate Flats Petroleum is collaborating with leading scientists from Institute of Geophysics and Problems of the Earth, Ltd (Kiev, Ukraine)—who specialize and have published extensive articles in hydrocarbon exploration using innovative techniques in Nuclear Magnetic Resonance for Remote Sounding in Mineral Deposit—to redefine the modern-day wildcatter.
In the early days of exploration, where to drill for oil and gas was a decision often based on basic surface geology and hunches. The development of seismic survey technology eliminated exploration drilling, replacing "best guesses" with science and geological mapping.
Modern advancements in seismic survey technology have helped find, drill and produce oil and natural gas, reducing the probability of drilling dry wells and minimizing the environmental impact of oil and gas exploration. Today, wells drilled with seismic have a success rate not higher than 35%-40%. However, the costs associated with seismic can reach into the millions of dollars, not to mention the difficulty in planning land surveys without disturbing communities and sensitive areas.
"We added Nuclear Magnetic Resonance (NMR) imaging with accuracy better than 95% to our extensive arsenal of exploration data from digitized original logs, proprietary Western Geophysical deep reflective seismic, water testing, soil sampling, Grace gravity data, Bouguer gravity data, and hyperspectral images from AVIRIS, LANDSAT, and ASTER satellites to confirm what we've known for a long time," stated Jeff O'Neal, CEO. "This project is for the state of Iowa and the generations past and present who have waited for this day to come. After all, Iowa played an important role in the Texas oil and gas industry by funding development wells of the famous Spindletop in 1901."
About Institute of Geophysics and Problems of the Earth, Ltd.
The Institute of Geophysics and Problems of the Earth Limited was created in 2005. The Institute focuses its innovative work towards advanced technologies in exploration and production of natural resources and alternative energies. Unlike traditional geophysics the institute can detect directly: ground contours deposits, number of horizons, occurrence, depths of horizons, effective thickness, type of reservoir rock, presence of a gas cap and thickness, gas pressure in gas cap, calculation of expected hydrocarbon reserves and many kinds of mineral deposits. The institute can carry out prospecting of deposits as well as their detailed survey in the most difficult territories. The technology is developed and patented in Ukraine, approved by the National academy of Sciences of Ukraine. In 2009, the technology was tested in the state of Utah (USA) with difficult geological structures where it fully confirmed high indicators of efficiency within the Green River Formation area, currently the world's largest oil shale deposit in the world. The unique technology of the "Institute" is the UGT technology of direct remote detection and survey of oil & gas fields to depths of 5 km. In scientific and technological terms, the Institute cooperates with S.A. TRANSCOMPLEX TECH LTD.
Forward Looking Statements
This press includes forward-looking statements. These statements relate to, among other things, current activities past present and future of operations. We have used the words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "should", "will", "potential" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors which are described in greater in our statement on communications on our website, www.chocolateflats.com. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety. We undertake no obligation to update any information contained herein or to publicly release the results of any revisions to any forward-looking statements that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this press release.
SOURCE Chocolate Flats Petroleum, Inc.