Blacksands Petroleum is currently drilling the Everett Well No. 3 (APCLARK FIELD PROJECT) to an anticipated total depth of 9,200' in order to test the Spraberry, Wolfcamp, Strawn and upper Mississippian formations. The Company holds a 70% Gross Working Interest. The Company currently has an undivided leasehold interest in approximately 7,100 gross acres in the Spraberry trend.
Also, the Company has built location and anticipates commencing drilling operations in the first quarter of 2011 on the Big Hatchet North Unit (38,500 acres) in the Pedregosa Basin Project, New Mexico. The Initial Test Well (Big Hatchet State No. 14-1) will test sand stones, carbonates and 347' of the Percha Shale (equivalent of the Woodford Shale) and be drilled to a total depth of 7,000'. In addition, the Company has completed the surveying and acquisition of approximately 37 linear miles of 2-D Seismic data in the Hueco South Unit (80,060 acres), in the Pedregosa Basin Project, in order to further evaluate potential geologic structures. The Company holds a 50% Gross Working Interest and operates the Pedregosa Basin Project jointly with its partner Dan A. Hughes Company who holds the remaining 50% Gross Working Interest.
Operated (Non-Core) Properties (various Counties in Texas):
The Company has acquired an interest in four producing properties, three of which NRG Assets Management, LLC, a wholly owned subsidiary of the Company, operates. These properties were purchased over the last 14 months from various sellers, including Pioneer Natural Resources. The Company is actively pursuing additional operated properties that possess opportunities to increase production and cash flow.
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