ITME will retain a thirty per cent (30%) carried working interest in the project. ITME will acquire all of the leases, and manage the drilling and development of the project as consideration for its interest.
Extensive analysis of the Project Area indicates a large deposit of heavy oil at a depth of 1,000 to 1,200 feet in the Trinity Sands. Marble Fall Reefs occur at depths of about 4,200 feet and contain abundant natural gas.
The Trinity Oil Sands at 1,000 feet depth have a total thickness of more than 70 feet and over 65 % oil saturation, 30 % porosity and thousands of millidarcies of permeability.
Oil saturation can be figured at 25 million barrels of oil in place per 640 acre section. A very conservative recovery factor of 12.5 % has been used for all calculations. The Trinity Sands, with millions of barrels of oil in place over a large area, were laid down upon an Angular conformity with the Pennsylvanian age Canyon and Strawn formations.
The Marble Falls gas structures have been mapped in multiple reefs through- out the Prospect Area. Marble Falls wells are expected to produce a minimum of 250 MMCFG (.250 BCF) of natural gas per well, based on previous production histories.
The company believes that this Texas project has potential for developing significant oil and gas reserves.
In addition to this project, the company holds significant royalty interests in Australia. Holdings include Offshore interests in 370,572 acres in the Gippsland Geologic Basin and Onshore, a total of 4,281,123 acres in the Cooper-Eromanga Geologic Basin. Significant field discoveries have been recently reported on both onshore and offshore prospects.
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