It appears The Mud Creek lease will not be renewed and Panther creek is beening sold. Is the company focusing on Byler lease?
Mud Creek Lease - In 2009, the Company purchased, through its wholly-owned subsidiary, a 100% interest in oil and gas properties in central Texas for $10,000. In 2011 there were additional lease costs of $11,160. The property totals 355 acres. The lease was up for renewal and the Company has decided not to continue the lease. An impairment loss on the asset of $20,000 was taken in this quarter.
Panther Creek Lease - In 2009, the Company purchased, through its wholly-owned subsidiary, a 100% interest in oil and gas properties in central Texas for $15,000. After the depletion allowance, the balance is $8,596. The property totals 155 acres. The Company remits a 22% royalty payment. As at September 30, 2012, there was production on the property from three wells. This lease is in the process of being sold.
