Tiger Oil and Energy (formerly UTEC) closed an exchange agreement with Jett Rink Oil, wherein the Company acquired 100% of Jett Rink Oil, which will operate as a wholly-owned subsidiary of the Tiger Oil and Energy.
With this purchase, the Company has acquired interests in two oil and gas leases located in Creek County, State of Oklahoma, together with all equipment located thereon. Additionally, Tiger Oil has negotiated oil rights and obligations under an acquisition agreement dated July 23, 2010, between Tiger Oil and Targe Energy Exploration Production, LLC ("Targe Energy") with respect to the purchase of Targe Energy.
The Company owns a 7.5% working interest with 80% net revenue interest, in the gas and oil lease containing 40 acres more or less, located in Creek County, State of Oklahoma. The Company also owns a 11.5% working interest with 80% net revenue interest, in the gas and oil lease located in Creek County, State of Oklahoma (the "Shilo #2"). The two wells were drilled in 2006. The Shilo #1 originally produced 550 MCFG/D w/no water from a 10 foot Dutcher section (2940' - 2950'). From June, 2007 through November, 2009, (the available production history of the well) this well produced a cumulative 61,087 MCFG at an average monthly rate of 2068 MCFG/month and 374 BO. The Shilo #2 originally produced from the Bartlesville sand at 2410' - 2414'. Initial production was 55MCFG + 2 BO + ¼ BW per day.
KEVIN-SUNBURST DOME PROJECT
The Company has been designing a drilling program for oil and gas leases in the Kevin-Sunburst Dome Project, located in Toole County, Montana (the "Kevin-Sunburst Dome") that will cover approximately 37,000 gross leasehold acres. It is anticipated that drilling will commence in the spring of 2011.
Since 1922, more than 130 million barrels of oil ("MMBO") and 150 billion cubic feet of gas ("BCFG") have been produced from the Kevin-Sunburst Dome, not including Cut Bank Field (190 MMBO and 500 BCFG) near the Kevin-Sunburst Dome's western edge. The source for the oil and gas in the Kevin-Sunburst Dome has been attributed to the Mississippian Bakken Formation. Eight geologic formations produce on the Kevin-Sunburst Dome, ranging from Cretaceous Bow Island gas at 500 feet deep, to Devonian Nisku oil at 3,000 feet. The Nisku Formation is a diagenetic dolostone that appears to be oil and gas saturated across the entire dome and could be an overlooked resource play but has proven production in the area.
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