Project report Ritchie waterflood & Ritchie#1 project´s

Project report Ritchie waterflood & Ritchie#1 project´s

Hi ALL

A quick update – Ritchie #1 – there has been very little change in the production since we took over. We are making 1-2 bbls of oil a week and 20-25 mcf/day gas. I am holding down the expenses as much as possible to try to keep this well profitable. I am also talking with the gas purchaser to see if they will give us a little better contract so we can get a better price for our gas.

Ritchie Water Flood – we have everything running pretty smooth including the water supply well. I am still experimenting with how much water to inject into the formation to try to get maximum production. We are making 2-4 bbls/day oil and as I told you we sold our first load of oil in July. We will get that money at the end of August. I am hoping it will cover all the expenses we have occurred since we took over. The next load should bring everyone some profit as we are holding the expenses on these wells also. One more item, I am sure Anthony is ready for his stimulation procedure as soon as you and your guys are ready.

Gary