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Sunday, September 12, 2010 6:57:47 AM
I wanted to share some good news with you all, our shareholders. We have executed an agreement with a project that is already currently producing 5 barrels of oil per day with a rich production history spanning over 25 years and proven reserves.
The plan for this Wyoming well is to rework the well that is currently in production with expectations to increase the production by two to four times. This will allow a quicker payback time for the Company and allow for immediate revenue generation. Even if the rework doesn't succeed as we hope, we'd just fall back on the current production. This means our payback would just be extended since it already consistently produces oil.
This particular project is in line with one of the company's objectives of buying into proven, already producing wells / fields with the idea of increasing production with a rework. We will have more details in a press announcement which we will issue next week.
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