Previously, Sawtooth has targeted a year-end exit rate of 1150 boed (barrels of oil equivalent per day). With the drilling results to date, Sawtooth is on track to achieve this target.
The sixth well of the planned 10 well 2004 program will commence drilling within the next 10-15 days.
An extensive 3D Seismic Program is planned for the 3rd quarter with drilling to resume during October 2004.
An Interim Reserve Report completed June 1, 2004 has seen Company reserves increase to $19,999,000 proved and probable developed (10% discount factor) from $14,878,000 at year-end. Total estimated gross reserves during this period increased from 1,340,000 boe at year-end to 1,805,000 boe as of June 1, 2004.
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