COMPANY PROJECTS
1) Covenant Mondo
- Participation in 3,986 net acres - 2 miles adjacent to Covenant Field
- 150,000,000 BO Field, Sevier County, Utah T22S-R1W - Overthrust Belt
- On same seismic and gravity data set as Covenant Field discovery.
- Initial test well will be 2,500 ft. high to live oil shows in offset wells on two flanks.
- Navajo Sandstone - excellent reservoir characteristics 12-15% Porosity, 100 mD permeability
- 450 ft. - 1100 ft. potential pay.
- Terex has paid for a 10.00% working interest in first two wells; spudded first in 2014. - Working interest before tanks - 14%.
- Working interest after tanks - 11.6667%
- NRI - 8.9833%
2) Water Disposal Facility
- Sioux County, Nebraska, T25N-R56W Sec. 13
- LOI for purchase of a well with 7 inch casing for a water disposal well.
- Current rates for water disposal are $1.65 per barrel. Disposal demand is very high.
- State of Nebraska has given us preliminary verbal approval for disposal well development.
- Surface use agreement negotiated for 5.00% royalty, 95% LNRI.
- Potential injection rates up to 15,000 BWPD.
3) Cole Creek Field
- Cole Creek Field located in SW margin of Powder River Basin, Natrona and Converse Counties, WY. Shannon sand reservoir is one of the main oil producing formations in the field.
- RESERVOIR EVALUATION projections - Shannon Formation
- Original oil in place = 33.39 MMBO
- Cumulative Primary Production = 5,959,642 BO
- Cumulative Secondary Production = 3,292,783 BO
- Expected Incremental Recovery:
Secondary = 128,643 BO
CO2 = 4,200,000 BO
- There are up to 7 undrilled Shannon locations on the periphery of the field.
- Red Hawk owns 50.9% of the field and farmout interest to company on a 90/10 basis for 750,000 shares stock, 77% NRI
- Alpha Development owns 17.5% and Slawson owns 31.6% working interests
4) Development Oil Well
- Sioux County, Nebraska, T25N-R55W
- Terex has executed an LOI for purchase of a producing oil well, that when initially drilled tested 24-30 BOPH from two different stratigraphic horizons. It ultimately produced 30,000 barrels of oil and still produces intermittently. We own the acreage for two wells to be located in an updip direction structurally from this well that flowtested 720 BOPD from the Virgil Formation.
- The formation was damaged in the drilling and completion stages, and only produced a fraction of what it tested for.
- We have designed a drilling and completion program to prevent this formation damage from occurring.
- Executed LOI for purchase of 100% working interest and 75% NRI in the well and key acreage.
5) Burke Ranch Unit
- T37N-R78-79W, Natrona County, Wyoming
- Engineered Reserves are:
- Dakota reservoir OOIP = 11,824,000 BO
- Dakota CUM Production = 5,551,000 BO
- Remaining Oil in Place = 6,273,000 BO
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- Additional development locations can be drilled on 40 acre spacing (It has been developed on 80 acre spacing) and represent significant potential upside.
- Mapped structural anomalies in the Tensleep and Frontier Formations represent additional exploration targets with tremendous potential reserves.
- Terex agreed to purchase Burke Ranch Unit for $400,000 and 400,000
shares of stock.
- Working interest inside the Unit- 100%
- NRI inside the Unit - 79.25%
- Working interest outside the Unit - 100%
- NRI outside the Unit - 80%
6) Niobrara/Codell Acreage
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- Participation in Wattenberg Niobrara/Codell acreage that is in the heart of the known thermally mature Niobrara/Codell productive trend. The acreage has significant Niobrara and Codell potential, with 8-16 horizontal wells per section likely, surrounding local oil field development has demonstrated. Local wells EUR is approximately 250,000-400,000 BOE per well.
7) Miller Prospect
- An agreement to participate in the drilling of two development wells in Kimball County, Nebraska. One offsets a J Sand Field that has produced approximately 1.7MMBO and the other offsets several D Sand producers in an updip direction. Both represent low risk development wells in a very prolific area of the DJ Basin.
- Working Interest D Sand 100%
- Net Revenue Interest D Sand 87.5%
- Working Interest J Sand 10%
- NRI J Sand 80%.
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