"We are quite pleased to close 2005 having drilled fourteen new CBM production wells in our Petrol-Neodesha properties," said Paul Branagan, Petrol's Chairman and CEO. "Although our field development program is focused on our Coal Creek property, where we are currently in a 40 plus well development program, Petrol-Neodesha is our producing field and thus each new well provides gas sales as quickly as we get them stimulated and connected to our gas gathering lines. Currently, we have 90 production wells in Petrol-Neodesha with 87 completed and connected to the sales line."
According to a December 31, 2004 Reserve Report, Petrol has gross Proved Reserves amounting to approximately 9.9 Billion cubic feet (BCF) within its Petrol-Neodesha properties. Petrol-Neodesha, located in the Thayer field, is a very active CBM gas producing area and lies within Wilson and Neosho counties, Kansas. Petrol currently produces natural gas from 87 producing wells in Petrol-Neodesha and has a 100% working interest in its wells. Petrol believes, with its recently completed financing, that it will be able to significantly increase the level of proven reserves.
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