PLANO, TX,
Oct. 4, 2012 /PRNewswire/ - Santa Fe
Petroleum, Inc. (the "Company") (OTCBB: SFPI) (formerly Baby All
Corp.) announced today it has executed the joint operating
agreement ("JOA") with it's affiliate operator, TexTron Southwest,
Inc. The JOA is the definitive agreement for conducting well
operations with a licensed operator in the State of Texas.
As a result of JOA being finalized, the Company
will commence the fracing process of its central Texas test well. As previously
disclosed, Santa Fe drilled the
test well, logged and took core samples from the Barnett formation,
and shut-in the well pending test results from Baker Hughes and
Weatherford Labs (Testing
Companies). With promising results from the Testing Companies, the
Company proceeded with its funding efforts. Now that the
Company has secured the necessary funding, the Company will begin
the process of acid fracing and completing the test well for
production. This process includes the acid fracing and a
slick-water sand process, which will fracture the formation to
create permeability channels and thus easing the flow of oil to the
wellbore. This completion method is unique for Barnet Shale wells and has the potential to
generate an estimated production of 20 or more barrels of oil per
day. This is prior to enhancing the pressure in the formation,
which could potentially increase daily production to an estimated
75 barrels of oil per day.
"We are very excited to move to this next stage
of production with our initial test well. The frac completion
could result in commercial production and further our drilling and
land acquisition process in the Test Well area," stated
Tom Griffin, Chairman of Santa Fe
Petroleum, Inc.
The Company is currently revising its private
placement memorandum at an increased offering amount in order to
facilitate its business plan in and around the Test Well.
For more information about Santa Fe Petroleum,
Inc., please visit http://www.sfpetroleum.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy securities in any
jurisdiction.
Safe Harbor: This release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements contained in
this release that are not historical facts may be deemed to be
forward-looking statements. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, ability to obtain financing and
regulatory and shareholder approvals for anticipated
actions.
SOURCE Santa Fe Petroleum, Inc.
