Trophy and IRA will develop the Leases in phases in accordance with the following development plan: Phase 1 ("Phase 1") will consist of the Reworking of one (1) well and re-entry of two (2) wells on Leases in Runnels County; Phase 2 ("Phase 2") will consist of the drilling and completion of two (2) wells to the Goen Reef in Runnels County; Phase 3 ("Phase 3") will consist of the Rework of seventeen (17) wells and initiation of waterflood in Brown County; and Phase 4 ("Phase 4") will consist of the drilling and completion of one (1) Cross-Cut well and one (1) Barnett Shale well in Brown County. Phase One is expected to begin by September 15, 2006.
Current reserve studies show this four phase project has additional proven potential recoverable reserves of 1.5 to 2 million barrels over the new life time of these oil prospects.
"Trophy's strategy to initially re-work and / or re-enter three wells drilled to the Goen Reef is expected to develop near term cash flow. Trophy's plan is to rework existing wells in matured fields with a high probably of success. The association with IRA Oil and Gas gives them a relationship with a Oil Well Operating Company in Texas," said Eric Leonetti, Trophy Resources COO.
About I.R.A. Oil and Gas LLC.
IRA is the owner of 100% of the Working Interests in the seven oil and gas Leases located in Brown and Runnels counties, Texas. Operating more than 110 wells located on over 3000 acres in Southwest Texas IRA has a record of success.
Trophy Resources, Inc. is a publicly traded company dedicated to building a diverse portfolio of high value, low risk energy and mining projects. The Company's goal is to evaluate profitable options, build a solid foundation of assets through acquisition of land and/or leases, and explore and develop opportunities on these leases.
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