Drilling and Completion Update
(1) Permian Project, Texas (GGP: Operator and 100% WI)
- SRH #1 Well: Shut in. Preparing capillary installation so as to start production from combined Cline and Wolfcamp intervals already fracture stimulated.
- SRH #2 Well: Shut in. Preparing capillary installation so as to start production from combined Cline and Wolfcamp intervals already fracture stimulated.
- SRH #3 Well: On production.
- SRH #4 Well: On Production.
- SRH #5 Horizontal Well: Drilling & cementing completed. Preparing for fracture stimulation.
(2) Cutlass Project, Texas (Eagle Ford Shale Development, Dimmit & La Salle Counties)
- A decision has been made to sell the Company’s 10% working interest position for US $1.7 million less outstanding expenses to one of the existing partners. Under the Joint Operating Agreement (JOA), all existing partners have a right to purchase their proportional share. As a consequence the offer under their preferential right has been sent to all existing partners.
(3) Bowtie West Project, Project (Matagorda County)
- Sugar Valley #1 Well (GGP: 12% WI; Non-Operator): On production.
(4) Napoleonville Project, Louisiana (Assumption Parish)
- Napoleonville Hensarling #1 Well (GGP: 3.99% WI; Non-Operator): Electric logging operations have confirmed net pay of 31 feet of pay in theCris R II sands and 49 feet in the Cris R III sands. Waiting on unit rule clarifications prior to testing. The new unit is expected to be approved in April and subsequent testing commenced. Additional leases over the new unit have been arranged.
(5) North Edna Project, Louisiana (Jefferson Davis Parish)
- Walker Properties # 1 Well (GGP: 11.2% WI; Non-Operator): Analysis of well data is currently being processed and reviewed prior to determining whether to participate in the testing of the primary zone.
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