The Mirasol Prospect is a deep natural gas well prospect located in the heart of the Permian Basin in Ward County, Texas. The Mirasol Prospect is based on existing well logs of a deep gas well originally drilled as the Doane #1 well in 1975. The well logs of the Doane #1 show that 1100 feet of proven Montoya pay exists, which has three or four separate zones with over 490 feet of net pay. Robert Dickey, formerly of Bush Exploration/Spectrum 7 Energy, is the prospect's chief geologist. Mr. Dickey was responsible for finding over 4 billion barrels of oil in Texas.
The potential reserves are estimated at 10 BCF gas equivalents, and with expected flow rates, would be primarily extractable in five years time. Some similar Montoya wells in the area last more than 15 years. At today's gas prices, the estimated value of the prospect to all working interest owners is over $40,000,000.00. The Havana Group/SGE has completed the acquisition of 50% of the working interest in the prospect in consideration for cash only. Additional funds will be required to commence drilling. The Havana Group/SGE expects to have drill results sometime in the third or fourth quarter of 2004.
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