Burleson Energy Updates on Heintschel Well

Burleson advised that following total depth of 11,800 feet (~3,597m) being reached at the Heintschel #1 well, located in Texas, late last week, the well was logged and the logs were received on Saturday April 24, 2010 (Perth time).

The logs indicate a gross hydrocarbon column of 225 feet (~69m) which includes 135 feet (~41m) of gross gas saturated sand. This interval comprises three sand packages (upper, middle and lower) and log analysis and percussion side wall coring of these packages indicated lower permeability sands typical of the Wilcox formation. The lower permeability nature of these sands means they require fraccing and flow testing to determine whether they will flow at commercial rates.

The hydrocarbon column encountered is significantly larger than the 85 feet (~26m) of vertical relief expected in the structural closure on which the initial target was based.

The presence of a hydrocarbon column greater than the structural closure indicates that the prospect drilled at the Heintschel #1 well is a structural-stratigraphic trap. As advised by the operators, AKG Energy, until further mapping of the prospect is undertaken and the well has been fracced, flow tested and further appraisal drilling is undertaken it is premature to provide a potential resource position of the Heintschel prospect. An indication regarding potential upside was released by BUR on 6 April 2010 which pointed to potential for approximately 30 bcfe.

A decision has been made by the Heintschel joint venture partners to complete the Heintschel #1 well. The well has been cased and cemented and will await completion, fraccing and flow testing - a process that is typical for wells drilled into the Wilcox formation in this region. Frac equipment is currently in high demand, and the Heintschel #1 is scheduled for fraccing approximately 60 days from the date of this release (i.e. in late June). Assuming successful fraccing and flow testing the well will be tied into production.

In the next few days, the drilling rig will move directly from the Heintschel #1 to our next Wilcox prospect in Colorado County, the Moeller #1, which has a potential for 100bcf of gas and 2.4 million barrels of recoverable hydrocarbons.


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