Fellows president George Young stated: "We are excited to hit potentially economic levels of methane in our first hole, and are proceeding at full speed with our previously-announced work plans for the next year. We view the Overthrust Project as having large scale, attractive coal bed methane potential."
In addition to its planned drilling operations, Fellows is continuing its aggressive acquisition program, and has a number of quality exploration projects under review, including projects submitted by third parties and projects presented under its agreement with Thomasson Partner Associates of Denver, Colorado ("TPA"). The agreement calls for TPA to present to Fellows an average of eight (8) projects per year with an area of interest of 10,000 to 80,000 acres per project with a reasonable potential of at least two hundred (200) billion cubic feet of natural gas reserves (200 BCF) or twenty (20) million barrels of oil reserves (20 MMBO). Fellows has the right under the agreement to acquire a 50% interest in each project presented, with the other 50% to be offered to a major industry partner.
Founded in 1991 by Dr. M. Ray Thomasson, TPA has successfully provided the oil and gas industry with large scale exploration and production opportunities. Staffed by a team of over twenty seasoned professionals, experienced in geology, geophysics, petrophysics, engineering and land, TPA is uniquely positioned to develop and thoroughly evaluate top quality projects. Since inception, TPA has sold seventy projects to industry partners, primarily in the Rocky Mountain region.
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