BRK discussion, page-2251

Proactive investor article - extract below:

Brookside Energy Ltd (ASX:BRK) is executing a ‘real estate development’ approach to acquiring prospective acreage in the Anadarko Basin in Oklahoma and adding value to it by consolidating leases and proving up oil and gas reserves.

The company then has the option of selling the revalued acreage or maintaining a producing interest.

Jewell Unit development

Brookside is acquiring a ~90% working interest in the 880-acre Jewell drilling spacing unit (DSU) in the SWISH area of interest (AOI) within South Central Oklahoma Oil Province (SCOOP) in the US.

Brookside has confirmed that Stonehorse Energy Ltd (ASX:SHE) has exited the arrangement to step-in to the Jewell Unit development opportunity.

However, Brookside will continue to work with Stonehorse to finalise the step-in arrangements for Stonehorse’s participation in other opportunities in the world-class Anadarko Basin.

On the Jewell Unit development, Brookside continues to progress the path to funding for the drilling and completion costs associated with this high impact well.

Jewell will be the first well to be drilled by Brookside within one of several operated DSUs that the company will control within the SWISH AOI.

Real estate development approach

Brookside managing director David Prentice said: “We are working closely with the Board of Stonehorse and look forward to continuing to support them as they progress their already successful drilling, production and cashflow based strategy in the world-class Anadarko Basin STACK and SCOOP Plays.

“This strategy supports and compliments Brookside’s “Real Estate Development” approach and the relationship that we have formed with Stonehorse via the step-in agreement is a win-win for our respective shareholders.

“We remain focussed on our efforts to progress the development of the Jewell Unit and confirm that the decision of Stonehorse to withdraw from the very modest commitment to fund initial site works will not impact our efforts to finalise the funding arrangements.

“We appreciate the support and patience of our shareholders as we move forward in the SWISH AOI and look forward to providing regular updates as drilling operations get underway and when production testing commences.”