Expected net reserves to the Company are 42,000 barrels of oil and 75 million cubic feet of gas, with a net drilling cost of $112,500, net completion cost of $58,130, and net project sunk cost of $27,860. Drilling is expected to commence in September, 2006. Sunray is also a participant in the well.
As indicated in our 8-K of May 31, 2006, Texhoma has entered into an agreement with Sunray to participate in several projects in the vicinity of Sandy Point. Additional announcements will follow as these projects are commenced.
Texhoma is committed to the application of innovative technologies and strong management skills towards the discovery and development of a diverse portfolio of high value, low risk oil and gas projects. The company is actively pursuing opportunities in Texas in and Louisiana.
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