There are currently 10 wells in the project area; nine are in the vicinity of the Slater Dome Field. One well is a water disposal well, two wells were completed open hole and need to be recompleted, and five wells are drilled and completed and will be put into production when the pipeline gathering system construction is concluded. The latest well needs to be completed and a further update will be provided once all of the testing is complete.
Dover's wholly owned subsidiary, Slaterdome, Inc., and Slaterdome's partners, together own the working and operating rights interest in certain oil and gas leases covering approximately 32,000 gross acres in northwest Colorado and southwest Wyoming (the "Slater Dome Area"). Slaterdome's interest in the Slater Dome Area was acquired in several purchases and varies from as low as 33.3334% of the interest in some leases, to as much as 62.5% of the interest in other leases. Dover's operating partner with respect to the Slater Dome Area is Cedar Ridge, LLC. Cedar Ridge is a highly respected operator in the area, and in the late 1990's was the 12th largest producer of natural gas in the State of Colorado.
No firm assurances can be provided that the Slater Dome Area contains any commercially recoverable natural gas. In addition, substantial additional capital will be required in order to bring such oil and gas into production, and no assurance can be provided that such capital will be available to Dover Petroleum.
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