MONTHLY PROGRESS REPORT FOR THE MONTH OF MAY 2023Report on Business
Provide a general overview and discussion of the activities of management.
Management is actively evaluating new opportunities both in Newfoundland and in other jurisdictions, including Kansas.
The Company entered into an agreement with Shelby Resources regarding three plays in Pratt County, Kansas. Shoal Point is participating as to a 6.5% working interest and has now drilled 6 wells of which 1 was abandoned. The first well is connected to the gas pipeline and flowing gas with variable amounts of oil. The expectation is that as gas production declines, oil production will increase. The second well has finished productionfrom the lowest zone and is undergoing production testing of the next 2 zones up the hole. 2 wells are suspended, one of which will be converted to a water disposal well and the fifth well is producing at a modest rate and being evaluated as to whether it can be improved.