Empire Energy Corporation Intl. (fka EEGC)

[Howardhaftel]

As you all know EEGC hired RPS Energy to evaluate Thunderbolt and Bellevue prospects in SEL-13/98.
The following is taken word for word from the report:

2.3.1 Bellevue Assumptions
The Bellevue Prospect contains a Mean Case Prospective Resource volume of 359 MMstb (un-risked) in the Upper and Lower Units of the Gordon Limestone. Assuming the Bellevue prospect contains a medium gravity crude of approximately 30 deg API with a moderate water drive, an average drainage area per well is expected to be 40 acres. Therefore, using the mean area of the reservoir of 58 sq km, 360 vertical wells are required to drain the reservoir, equivalent to 1.0 MMstb per well.

Initial production rate per well is expected to be 910 stb/day declining at 30% per annum with a 10% downtime. this will recover the Prospective Resource volume in less than 30 years. An average gas-oil ratio of 200 scf/stb is assumed over the life of the project. this gas will be utilised as fuel gas to power facilities and artificial lift and remain cash neutral over the life of the project.