The joint-venture project will develop a heavy oil and natural gas project in Southwest Texas. Additional leases for the project are being acquired on an ongoing basis. ITME retains a 30-perrcent carried net profits interest in the project. The company will
acquire all of the leases and manage the drilling and development of the
project as consideration for its interest. ITME management plans to complete
the total block acquisition of oil and gas leases during the second quarter of
2006. Drilling is planned to begin during the summer of 2006.
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