At Warbonnet, two new wells have been successfully drilled, completed, and turned to sales by the company's operating partner. The Warbonnet 6-26 well was placed on stream in March and the Warbonnet 14-24d well in late August. The company now owns working interests in 14 wells (6.0 net) at Warbonnet. The Warbonnet property is currently approved for development on 40 acre well spacing and is not subject to winter drilling restrictions.
At Mesa, four wells that were drilled and cased in 2003 have been completed and turned to sales; two wells in late June 2004 and two wells in late July 2004. The company now owns working interests in 10 producing wells (2.41 net) at Mesa. Six additional new wells (1.39 net) at Mesa are in progress. Two of the six wells have been drilled and cased, while the remaining four wells are drilling ahead. The Company's operating partner intends to finish drilling the wells and begin completion operations prior to the winter activity restriction period that commences mid-November. Of the six new Mesa wells in progress, three wells are 20-acre pilot program infill well locations.
The company's current production net of royalties is approximately 10.2 Mmcf gas per day (1,700 barrels of oil equivalent per day on a 6 mcf gas per 1 barrel oil equivalent basis).
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