The M1 Well. Ask yourself....What is it worth? lol
I'm going back under my rock..I don't like discussing stock.
GLTA...Sometimes you have to look through the forest to see the trees
Yes we do read the 10k's
On November 1, 2006, we signed two three-year Oil, Gas & Mineral Leases and a Joint Operating Agreement with Marathon Oil Company and its affiliate (together, “Marathon”) granting Marathon the right to explore and develop approximately 9,200 acres of our mineral property in Freestone County, Texas. The agreements give Marathon the right to drill oil and gas wells and develop the property. We retain a 21.5% royalty interest in any revenue generated from property located in zones below approximately 8,500 feet and a 23% royalty interest in any revenue generated from property located in zones above approximately 8,500 feet; however, we do not currently have sufficient capital to participate in any such production.. As part of the agreement, we acquired a seismic license giving us access to all seismic data collected during Marathon’s three-year lease.
Marathon began drilling its first deep well (M-1) of approximately 15,000 feet during the latter part of the third quarter of 2008. Drilling of M-1 was completed during December 2008. The well has not been
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perforated for production. Accordingly, it could be dry or produce an amount of salt water that would make the well uneconomical to operate. No reserve value is given to this well due to its current status.
This three-year lease with Marathon expires on November 1, 2009. Marathon has requested an extension of the lease on the deep rights (below 8,500 feet) until April 2010, with a further option to extend the lease to October, 2010. The shallow rights (above 8,500 feet) are expected to be re-assigned back to Wentworth under certain terms and conditions, so that we can re-lease to any party, including potential partners. Our potential partners are particularly interested in the shallow lease of this property as it provides the most complete seismic and production data and would facilitate identification of low risk and high probability drill sites.
