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University Field, BCM's first acquisition (July 2010), serves as a model for pending acquisitions and field operations. BCM Energy owns 100% of the working interests in University Field.
During March, 2011, University Field produced 992 barrels of oil and sold 1,153 barrels of oil from field operations. There are two (2) current producing wells in the field, with workovers to begin in Q2 2011 on an additional four (4) shut-in wells.
CEO Dr. R. Gerald Bailey stated that, "Higher oil prices are definitely supporting our value play in University Field. This acquisition has proven valuable based on recent reserve reports, as compared to our initial acquisition price."
University Field is a producing oil field in East Baton Rouge parish, LA comprised of approximately 300 gross acres with 19 wells in-field, of which most are workover candidates. Management has identified at least one proven undeveloped drilling location, with plans to begin drilling in Q3 2011.
Proven and probable (2P) reserves associated with University Field have a discounted present value (PV10) of $41,245,950 as of a March 1, 2011 reserve summary prepared by management. Total proven reserves equal $11,776,400 which represents 28.5% of 2P reserves, indicating attractive potential for growth.
