Development Well - IP 50-70 BOPD

Prospect is a proposed 2800’, low risk test which is anticipated to recover up to 140,000 barrels of attic PUD oil reserves. It located in the center of prolific Jeanerette Field, St. Mary Parish, which has produced ~450 BCF along the flank of an intermediate depth dome, and ~45 MBO on the crest of the dome. The surface location is in an abandoned sugar cane field with nearby road access. There are two possible SWD well candidates under review.

Downdip of the proposed location is a key well from the 1950’s which logged 30’ O/W within a 50’ thick, high porosity, high permeability sand. The completion produced ~45 MBO before it watered out during the early 1960’s. The geologic structure is defined by 3D seismic data and the PUD reservoir is delineated by a prominent seismic amplitude anomaly. The trap is a stratigraphic-structural combination based on the seismic data and numerous surrounding wells. An IP of 70 BOPD is anticipated and a NRI of 73% is to be delivered. The deal is currently 70% WI subscribed. DHC is estimated at $700,250 and the completion at $459,400.