AUSTIN, Texas, June 14, 2017 /PRNewswire/ -- Chocolate Flats Petroleum, Inc., an Environmental Exploration and Production company, announced today that it has completed an extensive three-year Forensic Geology, Forensic Engineering, Forensic Petrophysics, and Forensic Environmental review, with new remote sensing & data acquisition to underpin critical knowledge of an underexplored region within the Forest City Basin & Mid-Continental Rift Basin (Iowa Shenandoah Sub-Basin depth 32,000'). The company has scheduled to spud the first of two deep wildcat wells on a four-way anticline horst and stratigraphic trap during the August 2017 Solar Eclipse, followed by an advanced environmentally friendly carbon negative development and recovery plan. These wells will be testing the 2012 official publication by Dr. John Paul Pope, Professor Northwestern Missouri State University "Description of Pennsylvanian Units, Revised Stratigraphic Nomenclature, Reclassification of the Morrowan, Atokan, Desmoinesian, Missourian, and Virgilian stages in Iowa", in addition to other deep targets yet to be disclosed.
The company will be conducting onsite university studies, training and contributing an initial 25% NRI of each wildcat exploration well to a charitable trust established by the company to aid underfunded regional K-12 education, university scholarships, support for police, fire, medical and military who give their lives to the communities they protect, in addition to economic development, environmental and community support and training.
"Regulations or No Regulations!" said Jeff O'Neal, CEO. "We're launching an unprecedented Zero Discharge, Zero Pit, Zero Waste, Zero Flare, Zero Haul Off, Zero Emissions, integrated carbon negative extraction system designed with 100% recycling of all waste streams. At the end of the day, it's not solely about climate and the environment, we all have a personal responsibility to do what's right and the probability is high for a major first time discovery for Iowa with a target per barrel cost below $10. I'm thankful to have been given this opportunity to do this and to be working with the State of Iowa, the Iowa Department of Natural Resources, the American Petroleum Institute, and the Department of Energy on such a historic exploration."
Chocolate Flats Petroleum, headquartered in Austin, Texas with regional offices in Des Moines, Iowa, submitted plans and applications spring of 2015 to the Iowa Department of Natural Resources with successful permitting September 2015 after hydrocarbon leases were acquired in 2014, from George "Dad" Miller, Wildcatter, Geologist, Seismologist & Chemist, now 87, from Brady, Texas; who published articles in Oil and Gas Journal regarding large Paleozoic traps in Southwest Iowa and completed several exploration wells. The Great Wildcatter George "Dad" Miller, is credited with numerous discoveries throughout the United States, worked in Uranium mines and explored under the late Great Wildcatter, Michael Benedum, Benedum-Trees from Pittsburgh, Pennsylvania. Benedum was credited with discovering the famous Giant Yates oil field of the Texas Permian. In 1959, year of Benedum's death, George "Dad" Miller published articles in Oil and Gas Journal detailing the geology of the Greensburg Oil Fields of Kentucky, like Iowa, has an eastern arm of the Mid-Continental Rift with deep seated igneous feature, which he followed with major hydrocarbon discoveries.
Jeff O'Neal, CEO, now third generation wildcatter, has also been working closely with Professor Dr. Franciscek "Franek" Hasiuk, Professor University of Iowa, Geologist from Exxon, in Carbonate Chemistry, Carbonate Sedimentology & Diagenesis, 3D Printing and Digital Rock Physics, Road Aggregates, and Iowa Geology, Dr. Raymond Anderson, Professor from the University of Iowa in Precambrian Geology of the Midcontinent, Paleozoic, Mesozoic, and Cenozoic history and geology of Iowa, Jurassic evaporates and related deposits in Iowa, impact studies and the Manson Impact Structure, Dr. Philip Heckel, Published Professor Emeritus University Iowa in Interpretive Stratigraphy, Carbonate Petrology, and general paleontology of sedimentary rocks, leading to synthesis of depositional environments, litho- and biostratigraphic framework, and paleogeography, with special emphasis on Pennsylvanian successions, and Dr. Eric Van Oort, Professor from the University of Texas in Drilling, Well Completions, Rock Mechanics, Environmental Engineering, Real-Time Operations and Remote Monitoring, Zonal Isolation, Cementing, Borehole Lost Circulation and Stability Strengthening.
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.
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SOURCE Chocolate Flats Petroleum, Inc.