Santa Fe Petroleum, Inc. (SFPI)

[scanc2211]

From yesterday's 10-12G: "As of October 9, 2015, we have drilled the Lester #1-2H to a depth of 4,600 and believe that two zones could be commercial. As of that date, we have not determined which of the two zones to attempt to complete. Until a well is completed, however, there can be no assurance that such well will be completed, and, in any event, we believe it is too early to judge the production capacity of the well. We have the resources to complete this well.

Our plans are to commence drilling on the Villines #1 in December 2015 or January 2016 We currently expect to develop the Pottawatomie prospect by the end of this year. We believe that the Villines #1 and the Pottawatomie will each require from us approximately $120,000 to drill and complete, funds we not currently possess. Without further funding, we will be unable to commence development of these prospects, however.

Regardless of the production from the Lester #1 – 2H or the success of drilling on the Villines #1 or Pottawatomie prospect, we will require additional capital to either stabilize our operations or to acquire and develop additional prospects. We plan to continue to use debt financing for the rest of the year, continuing such funding in 2016. We will, however, also commence drilling programs either in late 2015 and more extensively in 2016.

We believe that pursuing smaller projects for the next 18 to 24 months can be achieved with modest and available financing, principally financing through debt. In the first half of 2015 we secured $400,000 in year debt with 8% annual simple interest. The notes mature from one to three years from date of issuance. This debt should allow us to complete the initial well in Hughes County and pursue another nearby if the opportunity presents itself. We are currently conducting and gathering modest geological data to determine if should seek to extend our existing prospect in Hughes county. If financing permits during the next 24 months, we may engage in drilling programs to develop larger prospects."

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