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Conquest Petroleum Inc. (fka CQPT) RSS Feed

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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

 

ASSETS
DELHI FIELD, LOUISIANA
  • 95.8% Working Interest (WI) & 82.7% Net Revenue Interest (NRI)
  • Proved Oil Reserves: 1.8 Million Barrels
  • 1,400 lease acreage
  • Currently re-working 7 wells (3 injection wells & 7 producing wells) in the Mengel Sand
  • In addition, recompletion of 3 wells from the Mengel Sand to the Z Equivalent Sand will be performed
  • Plan to drill 5 developmental wells in 2009, 2 in the Mengel Sand, and 3 in Z Sand
MARION FIELD, LOUISIANA
  • 100% Working Interest (WI) & 71% Net Revenue Interest (NRI)
  • Proved Gas Reserves: 19.2 BCF (3.2 million BOE) - Internal Report
  • Operating over 450+ producing wells on 21,500 lease acres
  • Identified 300 developmental wells on 20 acre spacing
  • Developing strategic plan for exploration and development of deeper prospective pay zones
BELTON FIELD, KENTUCKY
  • 100% Working Interest (WI) & 76.5% Net Revenue Interest (NRI)
  • Potential Oil Reserves: 8.2 Million barrels (BOE)(Internal Report)
  • Leased over 9,000 acres including 3,000 acres fee simple minerals in Muhlenburg County, Kentuck Existing wells and new wells to the "McCloskey" and "New Albany" Zones
  • Plan on bringing 17 existing wells into production in 2009
  • Identified 24 "New Albany" prospects and 24 "McCloskey" on the 3000 acres
  • Analyzing additional prospects on additional 6000 acres
HOSPAH & LONE PINE FIELDS, NEW MEXICO
  • Oil and gas production from the Hospah Sandstones reservoirs since 1927 have yielded nearly 22 million barrels of oil and nearly 53 MCF of gas through 2005.
  • The Company is completing ongoing negotiations aimed at yielding to Conquest Petroleum a 100% working interest and an 81.5% net revenue interest in approximately 5,000 acres of the Hospah and Lone Pine Oil & Gas Fields in McKinley County, New Mexico.
  • Conquest Petroleum is preparing to evaluate several existing shut-in oil and gas wells in existing lease for productive potential; prelimary technical assessment of lease and lease to be acquired indicate favorable oil and gas production from previously drilled and completed wells; Conquest Petroleum plans to re-enter several wells for testing, evaluation, and placing them on production.
.
 
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

 

PRESS RELEASES
 
November 17, 2009 - Conquest Petroleum Incorporated Announces Capital Funding
 
September 15, 2009 - New Member: Board of Directors - Ann Thomas
 
August 25, 2009 - Conquest Signs Equity Facility with Yorkville Advisors
 
August 13, 2009 - Conquest Petroleum Inc Releases New Albany Shale Update.
 
August 13, 2009 - Conquest Petroleum Inc Reports Delhi Restoration Status.
 
August 5, 2009 - Reverse Stock Split and Name Change.
 
July 27, 2009 - Maxim Commences Restoration of Production.

www.conquestpetroleum.com/index.html

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