Buckskin Mesa
PetroHunter has begun drilling its fourth well in the 20,000 net acre Buckskin
Mesa project. The first three wells encountered an average of 590 feet of net
sandstone pay, with strong gas shows over at least 3,000 gross feet of section.
Casing has been set in each of the wells in anticipation of completion in the
third and fourth calendar quarters of 2007, pending gathering and marketing
arrangements.
The company has entered into a preliminary scoping agreement with Clear Creek
Energy Services (CCES), an established midstream services provider, to design,
build, and operate a gas gathering system to transport unprocessed gas from the
Company's Buckskin Mesa wells to the Meeker Hub for processing and compression
into REX. CCES has initiated a feasibility study to transport as much as 15
mmcfpd of gas via existing small-diameter pipelines to the Greasewood Hub.
Marketing negotiations are underway with other companies for future delivery of
as much as 100 mmcfpd of production from the Buckskin Mesa area. PetroHunter
believes that limited gas sales from the Buckskin Mesa wells could begin in late
2007, pending completion of the transport and marketing efforts described above.
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