Signature Exploration and Production Corporation has released a synopsis of the 'Reserve Report' that was recently prepared by project operator Carter E&P, LLC.
According to Carter E&P, LLC, the Koliba Prospect's value is estimated at $38,898,000 and Signature Exploration's 15% interest is valued in excess of $5,834,000. These figures are based on $77.28 Bbls of oil and $5.59 Mcf of gas. The operator is on schedule to commence drilling in approximately 30 days.
Steve Weldon, Chairman and CEO of Signature Exploration and Production Corp., stated, "This initial information, when combined with current oil and natural gas market conditions, represents what we anticipate to be a well with stable, predictable cash flows and good returns on investment."
The Koliba Prospect is a 173-acre lease located in the highly productive North McFadden Field near Bloomington Texas. The Company has identified 3 target zones at 5,880', 5,350', and 4,930', in the Frio Sands. The Koliba Prospect will be drilled 250 feet from an originally large producing well and is considered a low risk / high reward prospect due to its proximity to previous wells in the prolific Frio interval.
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