LBYE presenting continued expansion efforts with its executing of a memorandum of understanding to acquire an estimated 400 acres in both Caldwell and Travis Counties, Texas.
The Lower Cretaceous Reef Prospect that the Company proposes to acquire, had one well, which is currently plugged, drilled into the reef complex in the 1950's.
At that time, it showed excellent thickness, porosity and permeability. Hydrocarbon indications in the upper portion of the reef demonstrate that oil stains are contained within sidewall core.
Geophysical surveys further indicate an early Cretaceous shelf edge on which the reef was originally formed. LBYE intends to drill on the shelf edge in the optimum 'reef forming' environment to maximize the potential of this prospect.