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Consolidated Beacon Resources Ltd.: California Property Update
CALGARY, ALBERTA -- (MARKET WIRE) -- September 28, 2006 -- Consolidated Beacon Resources Ltd. ("Beacon")(TSX VENTURE: KBC) is pleased to announce continued development of its core hydrocarbon exploration asset located in the San Joaquin Basin, California.

On 17th and 18th September, two Directors of the Company, Mr. John G.F. McLeod P.Eng. and Mr. Richard J. Hawes, P.Geol., participated in a Joint Venture Partners conference and site inspection of the San Joaquin East Side Project in Bakersfield, California.

i. The San Joaquin East Side Project business arrangement

Beacon has entered into an agreement with Nomad Hydrocarbons Ltd. and jointly formed a Limited Liability Corporation, registered in Delaware, USA (the Nomad LLC"). The Nomad LLC is engaged in the business of acquiring oil prospects that cover an Original Area of Mutual Interest ("AMI") and an adjacent Extended Area of Mutual Interest in the San Joaquin Basin, California. A management committee made up of members from Beacon and its partners are responsible for the overall management of the combined project AMI.

To date, Beacon has earned a 19.23% interest in Nomad LLC. The interest applies to exploration within the combined AMI's. The interest applies to a 50 / 50 exploration joint venture between Nomad and another company within the AMI, California Oil and Gas. Pursuant to the agreement with Nomad, Beacon has a net interest in the AMI equal to approximately 9.615%.

The original AMI had a budget of US$ 2 million for 3D seismic acquisition, processing and interpretation. Beacon's share of this cost was therefore approximately US$ 200,000. The other partner in the Nomad LLC, Nomad Hydrocarbons Ltd.("NHL") is willing to farm out their interest in a 100 for 50 deal, where. Beacon pays for Nomad Hydrocarbons' share of the 3D seismic in return for 50% of NHL's interest. After the seismic program is complete, the NHL / Beacon portion of the project is to be farmed out to California Oil & Gas Corporation ("COGC") who will do the initial drilling on the prospects.

The Nomad LLC also has a 50% interest in the expanded AMI that has very significant exploration potential. This area has been farmed out to COGC who is responsible for the first $1.75 million of expenditures on the project. The 3D seismic investment in the original AMI by Beacon will also increase their interest in the expanded AMI at no further cost.

ii. Why the San Joaquin Basin

The San Joaquin Basin of Central California is targeted for oil exploration for several reasons:

- It is a very prolific oil-prone area, in those areas that have been explored and developed.

- There has been no significant exploration since the 1960's.

- No 3-D seismic has been shot to date in the area surrounding the AMI, or at the producing oil fields in the AMI.

- Older production methods are still employed; newer production techniques should improve rates of production.

- The basin is very close to major markets, and has infrastructure and services in place

iii. Potential resources in the San Joaquin Basin

The United States Geological Survey ("USGS") has recently (2004) estimated that the remaining undiscovered resources in the San Joaquin Basin are a mean (P50) of 1.7 Tcf undiscovered natural gas, 393 million barrels undiscovered oil, and 59 million barrels undiscovered natural gas liquids. The USGS publication referred to is "Assessment of Undiscovered Oil and Gas Resources of the San Joaquin Basin Province of California", National Assessment of Oil and Gas Fact Sheet, and is found at: http://pubs.usgs.gov/fs/2004/3043/FS-2004-3043-508.pdf

iv. Why the Bakersfield area?

The Bakersfield Area of San Joaquin Basin in Central California is a prolific oil producing area with a very long history of oil production. Oil fields in the immediate area of the AMI include Kern River (1,750 million barrels produced to date), Mount Poso (299 million barrels produced to date), Kern Front (199 million barrels produced to date), Round Mountain (101 million barrels produced to date), and Poso Creek (83 million barrels produced to date). The total production in the Original AMI immediately to the north of Bakersfield is approximately 2.44 billion barrels to date.

v. Beacon's potential oil exploration targets for 2006 to 2007

California Oil and Gas, the operator, has identified several areas within the Original AMI that are prospective for shallow oil exploration between depths of 100 feet to 3000 feet.

The Joint Venture is targeting thick Pliocene Vedder Sand oil-bearing reservoirs at depths of up to 3000 feet, in stacked, highly porous and permeable sand reservoirs draped over small structural highs that are identifiable on 3-D seismic.

The seismic survey will focus on three core prospect areas in the winter of 2006-2007, with the objective of identifying structural traps to be drilled in the spring and summer of 2007.

Based upon interpretation of the seismic, it is anticipated that at least three New Field Wildcat wells could be drilled on each prospect in 2007.

vi. The acreage presently held

Over 11,000 acres have been acquired at very attractive lease rates in the first three prospect areas.


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Target area
Prospect (acres) Signed - gross (acres) Signed - net (acres)
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A 7,200 4,972 4,900
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B 3,984 2,900 2,300
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C 8,000 4,300 3,800
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D 4,300 915 750
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Total to date 23,484 13,087 11,750
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Table 1. Joint Venture land position as of 15th September 2006
vii. Exploration methodology

3-D seismic programs covering a total of 25 square miles have been designed for the three active prospect areas. Seismic acquisition companies in the area have been contacted, and the first bids were made to the Joint Venture by the end of July 2006. The operator anticipates that seismic acquisition will begin as soon as seismic equipment is available, with drilling to start only after the seismic has been processed and interpreted.

viii. Expected oil prices

The oil produced is expected to be 18 degrees to 22 degrees API gravity. Medium-heavy oil prices in the San Joaquin Valley normally track WTI, with a US$ 3 / bbl discount. San Joaquin oil prices are presently trading at a zero discount against WTI, because of the delivery problems presently being experienced in Alaska. It is expected that this trend will continue into the medium term.

ix. Marketing the oil production

Production will initially be trucked to a refinery in Bakersfield, or to a terminal for pipeline transportation to refineries in Los Angeles.

About Consolidated Beacon Resources Ltd.

Consolidated Beacon Resources Ltd. is a Calgary, Alberta based corporation in the business of evaluating and acquiring oil and natural gas properties for exploration and development in Canada and the United States.

This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by the Corporation on SEDAR (www.sedar.com), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.



The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.






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Contacts:
I.R. Communicators, Inc.
Gordon Beach
[phone]
Email: [e-mail]

Consolidated Beacon Resources Ltd.
Richard J. Hawes, P.Geol.
[phone]
Email: [e-mail]
Website: www.consolidated-beacon.com


SOURCE: Consolidated Beacon Resources Ltd.

[gekko81]

Ach, danke das du mich daran erinnerst! Dein KZ für heute waren ja 3 USD!

Mensch, dann will ich mal gleich mein ganzes Cash reinpumpen!

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Antwort auf Beitrag Nr.: 24.279.220 von gekko81 am 29.09.06 13:43:36

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