CWYR is a 3D Seismic driven exploration and production company focused in Southeast Utah. The Company's 3D Seismic science was confirmed in 2004 with the successful discovery of the Southwest Lisbon Field that is currently under development. The Southwest Lisbon Field is 3 miles from the Lisbon Field.
The acquisition of the 6,000 acres raises the Company's acreage position in the area to 22,640 acres. The acquired acreage borders the Company's 16,640-acre 3D Seismic Shoot. The Shoot covering some of the acquired 6,000 acres shows a geological similarity to the Lisbon field, 8 miles away. The Lisbon field has produced over 150 million barrels of oil equivalent since its discovery in 1960.
Additional 3D Seismic Shooting is planned for later this year and the Company anticipates 3 test wells in the area in 2007.
Commenting on the strategic importance of the acreage acquisition, Kim M. Fuerst, the Company's President and CEO stated simply, "We like the odds . . ."
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