Cadence Resources Corporation – Overview
Cadence Resources Corporation is an emerging energy company focused on established, productive domestic US oil and gas areas: De Soto Parish, Louisiana; Wilbarger County, Texas; and the Anadarko Basin, Kansas. The company also has interests in projects in Eddy County, New Mexico and Alpena County, Michigan.
Ř Cadence’s NE Logansport property comprises an initial 3,200 acres in De Soto Parish, acquired in 2002. Since then, it has signed a joint venture with Bridas Energy USA and acquired additional acreage both within the joint venture and 100%-owned.
v De Soto Parish has a long history as both an oil and natural gas area. Initial activity in the NE Logansport area dates from 1955. In 1996, Sonat, Inc. consolidated the Holly and Bethany Longstreet fields – Sonat subsequently merged with El Paso in 2000. Sonat/El Paso has drilled 119 wells since 1996, all of which have been commercial and all of which have been completed successfully.
v The main targets are the Hosston and Cotton Valley formations. Until recently, most wells have been completed in the shallower Hosston. However, El Paso has successfully dual-completed several wells in both formations.
v The Cadence property is in the same structure as the Holly field. Cadence’s consulting geologist identified the area and secured lease options before El Paso stepped-up its drilling rate in the area.
Ř The Company has two other projects. The Waggoner Ranch in Wilbarger County Texas is a shallow oil play where recent seismic indicates potential below the previous productive horizons. Cadence has three producing well at this property and is in the process of connecting two more to the gathering system.
Ř Cadence has recently acquired in excess of 20,000 acres of the Anadarko Basin in Kansas and is preparing to shoot seismic to identify potential targets.
Ř Cadence also has a 20% working interest in an Antrim shale project operated by Aurora Energy, covering up to 200 wells. The Antrim joint venture is a low-cost, low-risk opportunity to establish production and cash flow – the first four wells are in production.
Ř The Company’s team of geologists, led by Lucius Geer, provides key technical management. Mr. Geer has a long and distinguished career focused on the Gulf Coast region. In addition, the Company’s management and Board have extensive experience in financing and managing emerging natural resource companies.
For further information, contact:
Douglas J. Newby
Proteus Capital Corp.
120 Broadway, Suite 1010
New York, NY 10271
Tel: (646) 879-5970
Fax: (646) 365-3230
Last modified: January 3, 2007