The Company owns an 80% Working Interest and a 75% Net Revenue Interest in the Sullivan Tract. The leases are located on a 950 acre site in the east and northeast sections of the Maxine fields in Live Oak County, Texas. The site has 23 wells that have produced hydrocarbons out of 16 Wilcox Sands. The Operator has operated at the site for over 14 years. The latest geological report strongly support from available data the existence of two down-to-the-coast faults transecting the Sullivan Tract northeast to southwest along the structural high. The Company will be testing in all the previously productive Wilcox Sands. The historical production of hydrocarbons as provided by the Texas Rail Road Commission for the 16 Wilcox Sands for the Sullivan Tract was 2,231,556 barrels of oil and 77.1 million cubic feet of natural gas. The geological report estimates that the Company should be able to recover half of the previous production in the proposed new well sites. It is estimated that it will take a minimum of four wells to drain the faults of hydrocarbons once commercial production is found.
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