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4th Quarter, 2002, Newsletter

Significant Progress: Sandia National Labs Direct Porosity Detection Project

The Direct Porosity Detection Project is a significant ongoing technology development project with Sandia. A Phase 1 Scoping Study began earlier this year to:

    • Build geological/geophysical model representing target porosity characteristics in producing fields with significant by-passed reserve potential.

    • Code a utility program for insertion of a 3D triaxial ellipsoidal porosity inclusion into a background model.

    • Test modeling capabilities with small-scale models.

    • Generate initial synthetic seismic data for realistic-sized producing fields and possible by-passed hydrocarbon compartments, with/without porosity inclusion.

    • Conduct suite of computational experiments for various target objectives/scenarios (size, shape, orientation, fill material, depth to target, recording geometries, multiple inclusions, weathered zones, etc.)

A Phase 1 technology evaluation meeting held in Albuquerque, early September, 2002, showed remarkable progress, as reported by Sandia: "The (Aldridge and Haney, 2002) study generated synthetic waveforms that clearly show a visible seismic response for a (target) porosity feature at more than 1000 meters depth in the (target) geologic section." Providence supplied state-of-the-art well log and 3D seismic data for Phase 1 and planned subsequent phases…

Significant Opportunity: Providence Presents To The 3rd Annual Energy Ventures Fair

From the Sponsor’s Invitation to Select Potential Investors: "The Energy Venture Fair is your best chance to get a survey of the most dynamic investment opportunities associated with the 21st century energy industry. Infocast is once again bringing together 75 of the best emerging, high-growth, energy-based service and technology providers currently seeking capital to provide a remarkable look into the future for strategic investors, financial investors and entrepreneurs."

The Sandia Direct Porosity Detection partnership becomes an opportunity for Providence to "re-invent the company", evolving our customer relationships in industry to innovate again our delivery of state-of-the-art hydrocarbon imaging services for our customers.

Significant People: Providence’s New Board Of Advisors

The company is pleased and proud to announce the participation and mentorship of the following highly respected industry leaders:

    • Dr. Donald Birx, Director, Physical Science Laboratories, Las Cruces, NM

    • Dr. Samuel Goldman, Chairman, Mesilla Valley Bank, Las Cruces, NM

    • Mr. Joe Maurin, Independent Oil & Gas, San Antonio, TX

    • Mr. George Yates, President/CEO, Rosetta Energy, Dallas, TX; Past President, Independent Producers Association of America