Exploration targets include the Paluxy-Hill Sand, Pettet-Crane, and the Rodessa intervals from 4,300 to 5,000 feet. However, the main target is the unproduced Cotton Valley Sands below 8,300 feet.
As previously mentioned in the news release dated October 16, 2006, similar wells in this area have exhibited reserve potential of 10BCF. Also this well has the potential of being completed as an oil and gas producer. Total depth will be approximately 9,950 feet and not 10,000 feet as previously mentioned. Drilling time will be approximately two to three weeks.
The working interest participants in this prospect are as follows: Southern Star Energy Inc., 40%, (previously announced as Big Sky Management Ltd.), Ramshorn Investments, Inc. 40% and Dynamic Resources Corp. 20%. The well is being drilled by Nabours Drilling.
An arms-length finders fee of 600,000 shares is payable with reference to this project.
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