The trade terms with Bayou City Exploration, Inc. (BCE's) Jeff David Parish Prospects, including Gemini Prospect and Zodiac II Prospect, Falcon has agreed to purchase 25.0% of the working interest from BCE. In exchange Falcon will pay 33.33% of all well costs to casing point on the initial well drilled on each prospect and its proportionate share of all G&G costs, third party prospect fees, land brokerage costs, lease bonus and all other similar costs associated with the prospect.
The drilling area in southwest Louisiana was chosen because of its location within one of the largest natural gas producing areas of North America. The comprehensive pipeline infrastructure and enormous industrial resources make it an ideal drilling area.
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