On July 25, 2007, Sunrise Energy Resources completed the construction of the gas and condensate separation and treatment facility at its Karaikozovsk lease in Eastern Ukraine and the 1-mile-long pipeline connecting the lease with the regional backbone pipeline. In addition, the Company has received the necessary permits to tie into the regional Stepove-Bogodukhov pipeline while the physical connection is expected within the following three weeks.
During the following three weeks, the Company also plans to test Well #21 extensively at different choke sizes in accordance with the procedure prescribed by Netherland, Sewell & Associates, the Company's petroleum engineers, to determine the optimal flow rates and obtain the information required for the reserve evaluation. The Company expects to launch Well #21 into commercial production in the last week of August 2007. As has previously been reported, the Company expects Well #21 to generate additional annual revenues of approximately $5 million.
In addition to Well #21, the new facility will also serve Well #3 once it is transferred from oil producing horizon to the gas producing horizon in late 2007.
Sunrise Energy Resources, Inc., through its wholly owned subsidiaries Esko Pivnich and Pari, engages in the exploration and production of oil and gas in Ukraine. The Company produces from Karaikozovsk field in the Eastern Ukraine and develops Rakitnyansk, and Rogan properties in the Eastern Ukraine as well as Peremyshlyansk, Chukvinsk, Niklovitsk, Pilipivsk and Sheremetyevsk properties in the Western Ukraine.
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