OTC: FMNJ – Franklin Mining, Inc. — Stock Guru ProfileLet’s look at the natural gas concessions in Argentina. Franklin Mining will be dependent on new and existing wells in Tierra del Fuego. Apco’s recently filed 2006 earnings statement address their phenomenal success in gas drilling in Tierra del Fuego. (Link here for map of Tierra Del Fuego – the demarcation area is green.)
Apco is a Tulsa based oil and gas exploration and production company with interests in six oil and gas concessions and one exploration permit in Argentina. The company noted with the release of its record 2006 earnings that, “On a year-to-year basis, we have grown our volumes in the Entre Lomas, Acambuco and Tierra del Fuego concessions. Volumes from our Tierra del Fuego concessions interests have approximately doubled since our acquisition in early 2005,” Bueno said. Apco Argentina Inc. announced a 2006 net income of $40.1 million, approximately 34 percent higher than 2005 net income of $29.8 million. The increase is primarily due to higher operating revenues and equity income from Argentine investments. The joint venture partners plan to drill twelve wells in 2007.
“For the second consecutive year, Apco has achieved results that represent the highest net income ever reported by the company,” said Ralph Hill, Apco’s chairman and chief executive officer.
In its Tierra del Fuego concessions, the company participated in drilling 17 wells in 2006, resulting in a total of 19 wells drilled during the drilling program commenced in November 2005. Of the 19 wells drilled, only three were found to not be productive, and several key wells yielded higher than expected production test results.
Antrim Energy Inc. report in January of 2006, that Los Flamencos (LFa) 1005, the 16th well drilled in Antrim’s 2006 19-well drilling program in Tierra del Fuego, Argentina, has tested approximately 7.1 mmcf per day with associated liquids at a flowing well head pressure of 597 psi.
Antrim and partners have started acquiring a new 260 square kilometers three-dimensional seismic program in the Tierra del Fuego area and additional 3-D seismic programs are planned for 2007. The new seismic will allow Antrim to identify both infield development locations and undrilled fault block exploration locations for the previously announced two year drilling campaign scheduled to start the second quarter of 2007. Antrim’s working interest in the Tierra del Fuego concession is 25.78%.
Tierra del Fuego is a perfect candidate for a gas to liquid operation. It’s location is isolated, making full use of natural gas a difficult proposition. However, the conversion to liquid makes the gas transportable and usable. Franklin’s search to the ends of the earth has proven to be very fruitful.
To Stock Guru, Franklin looks hot and it’s getting hotter and Tierra del Fuego, the Land of Fire, is rich with gas to supply the GTL operation.
Contact:
Investor Relations
A. Austin & Company
1-702-386-5379
Jaime Melgarejo Jr., President
Franklin Mining, Inc.
2764 Lake Sahara Driveoli
Suite 111
Las Vegas, NV 89117
Website: http://www.franklinmining.com
Phone: 702-944-8972
Fax: 702-838-5130
Source: Dublin Research
About Franklin Mining, Inc: Franklin Mining, Inc. has mining and exploration interests in the United States, Argentina and Bolivia including a wholly owned subsidiary, Franklin Mining, Bolivia S.A, and 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas, Argentina S.A.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.’s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining, Inc.
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