Tuesday, October 28, 2008

Triple Diamond Energy Corp Announces Plans For Two Well Program In Garvin County Oklahoma

Triple Diamond Energy Corp (TDEC) has announced plans for a two-well controlled step out oil and natural gas program in south central Oklahoma.

ADDISON, TX -- The Texas-based oil and gas production and exploration company, Triple Diamond Energy Corporation, has announced they are planning a program for Garvin County located in south central Oklahoma.

The plans involve a two well, controlled step out oil and natural gas program. These wells will be drilled one or more spacing units away from existing production already in the targeted formations.

"Garvin County is the fifth largest producer of oil in the entire state of Oklahoma and other wells currently located in the area are showing promise. Several wells located adjacent to the area we will be working in are producing one million or more barrels of oil," said Chris Jent, Officer of Triple Diamond Energy Corp. (http://www.triplediamondenergy.com/)

The Golden Trend region of south central Oklahoma is on the Anadarko Basin's Southeastern embayment between the Arbuckle Mountains and the Nemaha-Pauls Valley. The oil produced in McClain and Garvin Counties comes from one of three main formations made from Deese sandstones, Hunton limestone, and Viola limestone as well as several pools located in the Simpson group. These formations shifted and created stratigraphic traps where the oil now sits.

Triple Diamond Energy Corp. has just completed the first two wells of its four well Sportsman Lake Program located in Seminole County, Oklahoma. Drilling for this program commenced in August and TDEC expects to complete them at the end of October.

Triple Diamond Energy Corp Completes Drilling And Begins Logging Of Two Wells In Oklahoma Project

Triple Diamond Energy Corp. (TDEC) announces the drilling of two wells in Seminole County, Oklahoma is complete and logging is set to start.

ADDISON, TX -- Triple Diamond Energy Corp. (TDEC) reported the drilling of two wells in Seminole County, Oklahoma is complete. Oil production will commence once the completing and equipping process has concluded.

The Texas oil and gas exploration company started the drilling process for the Seminole County portion of the project in August on the previously undrilled geologic structure of the Sportsman Lake Field. The pair of wells will pull oil from the Proven Undeveloped Producible Reserves located in the high formation.

With drilling complete, an e-log will use electrical measurements to map out the structure and locate the tops of the geological formations. This will allow TDEC to determine the best possible hydrocarbon bearing zones to target. Triple Diamond Energy Corp. can then install the production casing and perforate the zone.

"Once the completion and equipping processes are complete, the two wells can begin extracting oil. From there, it will be processed and refined into various fuel and petroleum products," says Chris Jent, Chief Marketing Officer of Triple Diamond Energy Corp. (http://www.triplediamondenergy.com/)

Reports have shown the area to contain a minimum of 100 000 barrel of attic oil. Oklahoma is presently in fifth place in crude oil production in the country producing 8.8 percent of the natural gas and 3.3 percent of the crude produced in the US.

Monday, October 27, 2008

Oil & Gas Helpful Info. | Triple Diamond Energy Corp.

Participation in oil and gas ventures allows participants to offset other “Active” income.
The Code classifies participation in joint ventures formed to purchase working interests in oil and gas properties as an “active” business activity. This is beneficial because it allows individuals to offset losses stemming from oil and gas joint ventures against other income from “active” businesses. This classification allows participants to use deductions from certain oil and gas ventures against income from salaries, businesses in which they invest, stock dividends and stock trades. The same benefits are not associated with “passive” investments, such as investment in stock in corporations or limited partnership interests in limited partnerships formed to purchase oil and gas properties.

Oil & Gas Information | Triple Diamond Energy

Tax Information
There may be significant tax advantages associated with participation in privately held domestic oil and gas drilling and production in the U.S. today. The Internal Revenue Code of 1986, as amended (the “Code”) currently provides tax advantages for certain types of direct participation in oil and gas drilling and production in order to encourage investment in oil and gas exploration within the United States. However, in order to benefit from these tax incentives participants must meet certain requirements – not all oil and gas ventures generate the same types of tax advantages. This overview sets forth some of the tax benefits associated with participating in private oil and gas ventures within the United States. It is applicable only to participation in private companies – investing in a publicly traded stock does not generate the same types of tax advantages. Of course, you are encouraged to consult with your tax advisor regarding how any specific participation will be treated given your particular circumstances.