Black Raven has begun a forty-well drilling program on its acreage in the Niobrara formation in north eastern Colorado. The wells are being drilled pursuant to the previously announced Farmout Agreement entered into with Atlas on July 23, 2010. Black Raven currently expects that drilling of the 40 wells will be completed in January 2011. Black Raven recently completed the drilling of a six-well program under the Farmout Agreement, with all six wells proving to be successful.
Pursuant to the Farmout Agreement, Black Raven will receive a $60,000 well-site fee from Atlas for each drilled well. In addition, Black Raven will receive an undivided six percent of eight-eighths (6% of 8/8ths) royalty interest on all of the oil and gas produced and sold from the drilled wells.
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