Wednesday, August 13, 2008 2:39:12 PM
The Company’s equity interest in Kykuit Resources LLC shows a loss of $11,663 for the three months ended June 30, 2008 and a loss of $19,200 for the six months ended June 30, 2008. The Kykuit joint venture began operations in August 2007. The drilling process began in late May 2008. While several wells have been drilled, all of the processes to determine if the wells are viable have not been completed at this time.
The Company classified one well as impaired and therefore, wrote it off as a dry-hole in the second quarter of 2008. The net impairment was $241,600.
The Company classified one well as impaired and therefore, wrote it off as a dry-hole in the second quarter of 2008. The net impairment was $241,600.
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