PASADENA, California , July 21 /PRNewswire-FirstCall/ -- ViaLogy LLC, announces completion of the initial phase of its pilot project with Atascosa Exploration LLC ("Atascosa") to apply its QuantumRD(TM) technology for geoseismic applications to determine the location and characteristics of underground oil deposits.
With reference to a prospective Texas drilling site, the QuantumRD
analysis confirmed the location of an oil trap, and mapped its size, shape,
and predicted porosity. Atascosa estimates that this finding will save them
"We are very encouraged by ViaLogy's report, although final confirmation must await the results of drilling," said Atascosa CEO, John D. Mullins . "Our production engineering and geophysicist team is particularly impressed by the analysis tools Vialogy brings to bear in its novel approach to accurately characterizing reservoir prospects using existing datasets. We will look to grow our strategic collaboration with ViaLogy in analytical facets of reservoir modeling, water injection planning and enhanced recovery."
"The discovery of the new reservoir is remarkable, and could prove a significant find."
Atascosa confirmed that as payment for its QuantumRD work Vialogy is to receive a no-cost 5% working interest (WI), subject to existing agreements, royalty interest (RI), and overriding royalty interests (ORRI) in the wells drilled for each sand after payout of lease costs, geology, engineering, drilling, and other operational expenses. At each well payout, Atascosa will execute and deliver assignments to Vialogy sufficient to vest Vialogy with ownership of its 5% WI in the initial well in each sand and its right to participate in additional wells on the same basis as the other owners and as covered by the Operating Agreement.
The company estimates that this could produce approximately
About ViaLogy: Network Centric Signal Processing
ViaLogy is a leading innovator of network-centric, real-time signal processing platforms for sensor applications. ViaLogy is currently deploying and designing computational systems, powered by its patented technologies, for applications in life sciences, public safety and security, surveillance, defense and geoseismology. ViaLogy focuses on market driven problems where automation, timeliness, quality and reliability of information processing are essential. ViaLogy's core competency incorporates rapidly and accurately detecting weak signals buried in high noise background and clutter. This technology can be employed to solve problems involving sensor integration and information overload challenges involving video, telephony and control sensors, as well as for enhancement of numerous signal processing applications. For more information, visit our website at http://www.vialogy.com.
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied.