Ann: XST: Successful Placement and Increase of Borba Working Int, page-78

1Trader, as I'm sure you're aware SGC has been involved in a number of the oil/gas sedimentary basins in California for many years, and have developed a close relationship with various local parties to pursue opportunities that crop up from time to time.
Until recently their biggest (and far larger in terms of landholding) competitor has been CRC, who is in administration due to over-stretching its funding requirements.
SGC hold many (piecemeal) separate leases, particularly with agreements (and royalties) with the underlying freehold owners (principally farmers). SGC holds a particular advantage in a number of areas due to the relationships developed to date.
In the immediate vicinity to Borba within the Sacramento Basin SGC categorise projects as Dempsey, Alvares, Dempsey trend (which includes Borba). SGC prefer not to be too specific wrt particular leasing arrangements in order to maintain its competitive advantage.

I refer you to the previous Annual Report:
"SGC has not listed all it leases as it is impractical and not meaningful for potential project value assessment in a conventional natural gas play. A detailed listing of leases may also lead to a loss of competitive advantage and consequent reduced value to SGC shareholders."