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08/21/09
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Conquest Petroleum Incorporated ("Conquest" or "Company") is a fully reporting public, independent exploration and production (E&P) company involved in the development and production of oil and gas from previously identified reserves. Current operations consist of two core areas - northern Louisiana and southwestern Kentucky. As of July 1, 2009, the Company's total proved developed oil and gas reserves of 2.8 million barrels of oil equivalent ("mmboe") valued at nearly $49.2 million using PV-10% standardized measure of future net cash flows.
Conquest's business model is based on a conservative and well-articulated operating strategy consisting of four phases. Phase One - the acquisition of over 36,000 acres of mature, low risk oil and gas properties - was completed by the beginning of 2008 and the Company has since begun Phase Two that it expects to complete by 2009 year-end. Phase Two involves workover and recompletion of certain existing low risk wells that will have the effect of turning proved developed, non-producing ("PDNP") reserves into proved developed producing ("PDP") assets. Phase Three, scheduled to begin by the end of 2009, is expected to result in over 300 new producing wells from infill drilling programs anticipated to run through the first quarter of 2013. These properties are in the Company's existing inventory. Total capital expenditures required to complete Phase Two and Three are estimated at $48.9 million of which Conquest expects to fund from debt, and from internally generated cash flow expected to begin during the second half of 2009 as Phase Two nears completion and new producing wells are brought on line. Conquest's strategy anticipates another round of oil and gas asset acquisitions to accomplish Phase Four
| | Average | | | | | | |
| July 31, 2008 | Working | Developed Acreage | Undeveloped Acreage | Total Acreage | |||
| | Interest | Gross | Net | Gross | Net | Gross | Net |
| Marion-LA | 100% | 10,300 | 10,300 | 11,200 | 11,200 | 21,500 | 21,500 |
| Delhi-LA | 95.77% | 520 | 498 | 880 | 843 | 1,400 | 1,341 |
| Hospah-NM | 100% | 0 | 0 | 1,280 | 1,280 | 1,280 | 1,280 |
| Belton- KY* | 100% | 110 | 110 | 9,215 | 9,215 | 9,325 | 9,325 |
| Total | | 10,930 | 10,908 | 22,575 | 22,538 | 33,505 | 33,446 |
| * In negotiations to acquire approximately an additional 10,000 acres | |||||||
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