The Board is pleased to advise that the Port Hudson-1 well has spud and is presently drilling ahead at 2,023 feet. The
The Company has a 15 percent WI in this low risk development project with an estimated resource of 500,000 barrels (bbls) of oil.
This Project is located in East Baton Rouge Parish, Louisiana in the Port Hudson Field (810 BCFG & 92 MMBO). The
The Project was generated from re-processed, proprietary seismic. The sand deposition is uniform in the area
The potential net reserves to Grand Gulf are 40,000 bbls to 75,000 bbls of oil representing a low risk project. Flow rates are
The well is being drilled on a turnkey basis with the Company’s share of dry hole well costs fixed at $232,000. In a
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