PartsThe latest update for the well is that we required some parts over the
weekend, therefore progress was stopped. We were issued a small cash call
of $2,000.00 that the companies sent to the operator yesterday to cover the
parts. The operator has the parts coming in and we expect to be continuing
the work in the next few days and we hope and expect, baring any mechanical
issues, to be flowing and selling the oil and gas by this weekend. As soon
as we have official flow rates they will be announced. We are looking
forward to bringing this well on line and moving on with the development of
this field. Some aspects that need to be considered are that we have been
flowing oil into the pits, we have flared gas, we have built the gas
pipeline, we have a tank farm agreement for the oil in place, we have
contracts in place to sell the oil and gas and we just sent more money for
some parts. Typically you would not send more money for work if you did not
think it was worth continuing. Obviously until the well is flowing we cannot
declare it commercial, but given all the data to date we feel very confident
about the prospects of this well and field baring any technical
difficulties, which we do not anticipate occurring on this well at this
point. Please call if you have any questions regarding the company.
Thank you for your time and consideration,
Jason Gigliotti
toll free 1-866-692-3230
This is not a solicitation to buy or sell securities. Any decision to buy
or sell securities should be discussed with a professional in the financial
industry. This is intended for dissemination of company information only.