The Contact-MBA Dover No. 101 is designed to twin a gas well that was drilled and tested in 1958. The 1958 well had oil shows and gas flow rates of approximately 700 thousand cubic feet per day from multiple zones. MBA is paying 100% of the cost to drill and complete the well to earn a 50% working interest in the three-section Dover prospect.
MBA also has an option to drill and complete one well on the adjoining three-section Gautreau prospect under the same terms. The Contact-MBA Gautreau No. 101 well is designed to twin a gas well that was drilled and tested in the 1930's. The 1930's well tested gas flow rates of approximately 400 thousand cubic feet per day from multiple zones.
In a recent land sale, Contact was the successful bidder for an 880 acre license in the Albert Mines area which is contiguous to other land holdings in our New Brunswick, Stoney Creek prospect area.
In addition to the above land acquisition, Contact was successful in farming in on 5,000 acres of land from Columbia Natural Resources Canada, Ltd.. The lands farmed in on have both oil and gas potential similar to the original Stoney Creek oil field which produced approximately 30 billion cubic feet of gas and one million barrels of oil. As part of the farmin, Contact has acquired three wellbores which we expect to re-enter during 2005 to further evaluate reserve potential in a cost effective manner.
With the above land acquisition and farmin, Contact controls over 55,000 acres of land within the Stoney Creek prospect area. This area is located approximately 15 kilometres south of the city of Moncton, New Brunswick. Within this area, Contact has identified several different play- types and drilling targets. Over the next twelve months, Contact intends to carry out a three-dimensional seismic program and potentially drill several additional wells to better evaluate the field potential.
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