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September 2010, THIRD QUARTER 2010 – EXPLORATION AND PRODUCTION NEWS

BAILEY’s CREEK PROSPECT, MONROE COUNTY, ALABAMA

The Winn Craft Noble 35-1 #1 well became uneconomic and was plugged and abandoned. This well has a cumulative production of 47 730 barrels of oil.

HANBERRY CHURCH PROSPECT, ESCOMBIA COUNTY, ALABAMA

In November 2008, the Winn Craft Kelly 34-3 #1 well was plugged and abandoned. Unfortunately, this prospect was unsuccessful.

MOHAWK PROSPECT, COLUMBIA COUNTY, ARKANSAS

The Hagaman-Smith et al #1 well has produced approximately 26 815 barrels since inception. Its present production is approximately 9 barrels of oil per day.

BAKERSFIELD ARCH PROSPECT, KERN COUNTY, CALIFORNIA

Compass Global Resources presented to a local operator the 3D seismic reprocessing results. Compass Global Resources successfully marketed the 77.5% working interest that two companies made available.
The prospect promotion was satisfied in 2010 and the drilling of the deviated test well with the Stevens sands as the objective began in June 2010. Unfortunately the well encountered mechanical problems while drilling and had to be temporarily plugged. The new drilling program is being studied.

CHALLENGER PROSPECT, MADERA & MERCED COUNTIES, CALIFORNIA

The third party pipeline gas connection was delayed and the Wil E. Coyote #1-33 well was put on production on September 9th, 2009.
The present production rate is approximately 390 thousand cubic feet of gas per day.
The interpretation results of the 3D seismic shot in September 2008 displayed multiple AVO anomalies areas. These AVO anomalies merit drilling consideration. A forthcoming operating committee will define the drilling priorities and schedule for 2010.

RUSHNESS 3D PROSPECT, RUSH & NESS COUNTIES, KANSAS

The acquisition phase of the 3D seismic data was initiated at the end of 2009 and was finalized in August 2010.
The interpretation phase of this new 3D seismic started in September.
Few structures therefore identified will be drilled before year end.

BALL RANCH PROSPECT, KENEDY COUNTY, TEXAS

During October-November 2008, remedial clean-out operations were conducted in the Clark & Sain #9, #21, Ball Ranch #5, French State #1 & #4 wells. At the end of August 2010, similar operations were unsuccessful in the Clark & Sain #10. The well remains shut-in.

From mid-October through mid-December 2008, the operator drilled the retentive well Ball ”A” #2 that reached a total vertical depth of 17,050 feet (5,196.84m). The Vicksburg objectives were deceiving although gas shows were encountered while drilling. Finally various evaluation results led the operator to consider the well as non commercial. Unfortunately the well had to be plugged and abandoned at the end of April 2009.

EXXONMOBIL JOINT VENTURE (NORTH JULIAN PROSPECT/BALL RANCH AREA)

In mid-July 2009, pressure measurements were obtained in the
Clark & Sain #12, #17, Ball Ranch #7, King Ranch State 136 #1 and King Ranch State 136 #2 wells in order to calculate the static pressure gradient.

The completion of the Santa Fe Ranch 135 #1 well was achieved in October 2008. At the end of October, a build-up pressure test was conducted. In mid-November, the well was put in production and produced approximately 1.29 billion cubic feet of gas to October 2009. In February 2010, 2 7/8” production tubing was installed in the well. The current production rate is 945 thousand cubic feet of gas per day.

In mid-July, remedial clean-out operations were conducted in the King Ranch State #136-1 well.

BLUESTONE PROSPECT, STERLING & MITCHELL COUNTIES, TEXAS

In September 2008, the operator precisely identified the future drilling locations based on the interpretation of the newly acquired 3D seismic.
In June-July 2008, all the leasehold acquisitions were completed. The drilling operations started at the end of November 2008 with the Apache 58 #1 well.
Texican Oil participated in the drilling of eleven wells with the operator and agreed on the completion of nine of these wells.
In 2009 and 2010, the Blue 15 #1, the Blue 15 #2 and the Ateca 72 #1 wells were recompleted in upper reservoirs in order to improve their production.
In August 2010, the operator recompleted the Glass 59 #1 well at the Wolfcamp level. Unfortunately, this recompletion was unsuccessful and led the operator to plug and abandon the well.
Presently, the recently drilled Glass 59 #3 well, is being put in production.
Producing reservoirs are the Ellenburger formation, the Mississippian cherts and the Wolfcamp formation.

The cumulative production of this prospect through September 2010 reached a total of 80,000 barrels of oil and 333 million cubic feet of gas.

BOOKER 3D PROSPECT, LIPSCOMB/OCHILTREE COUNTIES, TEXAS

In mid-September 2008, the Buddy 998 #1H horizontal well was put in production and produced approximately 85,540 barrels of oil through the end of August 2010 and 0.178 billion cubic feet of gas. Its current production rate is 30 barrels of oil and 70 thousand cubic feet of gas per day.
In September 2008, the Angel 909 #3H horizontal well was put in production and produced approximately 0.189 billion cubic feet of gas through August 2010. Its present daily production is 95 thousand cubic feet of gas per day.

Additional well locations were agreed by partners and drilled to develop the Hepler sands.

The Roman 1087 #2H horizontal well reached a total vertical depth of 7,311 feet (2,228.40 m) and a total measured depth of 10,197 feet (3,108 m). Numerous gas shows were encountered while drilling and in December 2008, the well was fractured. Cumulative production from December 2008 through August 2010 is approximately 16 million cubic feet of gas and 21,000 barrels of oil.
In December 2008, the Reckless 1028 #3HM horizontal well was drilled to a vertical total depth of 7,465 feet (2,275 m) and a total measured depth of 10,365 feet (3,159.25 m). In March 2009, it was completed, frac stimulated and put in production. It produced approximately 25 million cubic feet of gas and 28,000 barrels of oil through August 2010.
In January 2009, the Dooney 997 #4HM horizontal well reached a total vertical depth of 7,517 feet (2,291.2 m) and a total measured depth of 10,368 feet (3,160 m). In March 2009, it was completed and put in production. It produced 76 million cubic feet of gas and 38,000 barrels of oil through August 2010.

In February-March 2009, a vertical well was also drilled to test the Squaw Belly formation
The Chance 1086 #2VR well reached a total vertical depth of 9,431 feet (2,874.60 m). The encountered Squaw Belly sands displayed a low porosity feature that lead the operator to plug and abandon the well.

Further, additional wells with the Hepler sands as objective have been drilled.

In April 2010, the Buddy 998 #3HM horizontal well reached a total vertical depth of 7,504 feet (2,287 m) and a total measured depth of 11,331 feet (3,453.70 m). Beginning in May 2010, the well was completed and the horizontal lateral put in production. It produced 163.5 million cubic feet of gas and 53,400 barrels of oil in four months. The present production approximates 1.1 million cubic feet of gas and 260 barrels of oil per day.

In June 2010, the Lesa Lynette 1027 #1HM was drilled to a total vertical depth of 7,433 feet (2,265.80 m) and a total measured depth of 11,734 feet (3,576 m). The well was fracture stimulated and put in production; first oil was sold on August 3rd and first gas on September 10th. In September 2010, the well produced 6,900 barrels of oil and 2.5 million cubic feet of gas.

In July 2010, the Blackie 1083 #3HM reached a total vertical depth of 7,435.10 feet (2,266.20 m) and a total measured depth of 11,835 feet (3,607.30 m). In mid-September, the well was put in production. To date the well averages 100 barrels of oil and 60 thousand cubic feet of gas per day.

From mid-July to mid-August, the Stormy 1084 #2HM horizontal well was drilled to a total vertical depth of 7,463 feet (2,274.70 m) and a total measured depth of 10,995 feet (3,351.30 m). After it was frac stimulated and put in production in September, it produces approximately 225 barrels of oil and 80 thousand cubic feet of gas per day.

SOUTH TYLER PROSPECT, SMITH COUNTY, TEXAS

Since March 1st, 2009 Roosth Production Company took over the operating as Kraker Martin Energy LLC resigned as operator.
Numerous completion attempts of the Travis Peak sands in the Willingham-Daniels #1 were unsuccessful.
The present operator proposed and achieved a completion attempt at the Paluxy B sands level in June 2009.
In July 2009, a subsurface pump was installed and the well approximately produced 1,500 barrels of oil through the end of August 2010.

PAUL’s DRAW PROSPECT, CAMPBELL COUNTY, WYOMING

The Trend Federal #14-9 well was completed in September-October 2008. Mechanical issues were experienced and the first production occurred at the end of January 2009. Since then, this well produced approximately 94,480 barrels of oil through August 2010. Its present production rate is approximately 100 barrels of oil per day.
The Trend Federal #34-20, located 1 mile (1,610 m) southeast of the Trend Federal #14-9 well, was drilled to a total vertical depth of 8,750 feet (2,667 m) in November 2008. The Minnelusa C2 sands were well developed but unfortunately wet. This well had to be plugged and abandoned.
In order to better evaluate the northward extension of the structure encountered by the Trend Federal #17-2 well, Trend acquired a new 3D seismic on the two contiguous northern sections #7 & #8 in January-February 2009. The results of the interpreted new North Galion 3D seismic were delivered in April and revealed a northward extension of the considered structure of approximately 3 miles (4,800 m). Substantial potential reserves are expected and a development drilling program is underway.
The subsurface pump in the Trend Federal #17-2 well was changed in early June 2009.
In 2010, the Butte Draw/Deen Draw structure development continued with the drilling of the Trend Harris Fee #13-9 well. This well reached a total vertical depth of 8,652 feet (2,637 m). Log analysis confirmed productive C2 sand with indicated excellent permeability. The well was completed and produced 15,300 barrels of oil within three months.
At the end of May 2010, the Trend Federal #22-8A well was drilled and reached a total vertical depth of 8,700 feet (2,651.80 m). In June 2010, the Minnelusa C2 sand was completed over a 36 feet (11 m) net pay interval and produced 30,190 barrels of oil through August 2010.
After this significant success, the operator company pursued its operations with the drilling of the Trend Federal #33-8 well that reached a total vertical depth of 8,660 feet (2,639.60 m). The Minnelusa C2 sand, very permeable, was perforated and put in production. This well produced 33,930 barrels of oil through August 2010.

MARACAS FIELD, CESAR BASIN, COLOMBIA

The gas exploitation project continues to evolve.
The acquisition process for the environmental licences and the landowner’s right-of-way agreements are being pursued.
As of today, the gas treatment plant and the compressor system are packed and stored in Houston, Texas and ready for export to Colombia.
The construction of the gas plant and compression station are scheduled to begin during early 2011, in addition to the installation of the gas pipeline with the tie-in to the existing Ballena-Barrancabermeja pipeline.