Jantimot,Last drilling report 07/05Drill Stem Test – Leadville...

Jantimot,

Last drilling report 07/05

Drill Stem Test – Leadville Limestone Fm
The drill stem test on the Mississippian Leadville Limestone target yielded water at this depth,
indicating that the Leadville target will be better tested further up dip, above the inferred oil/gas water
interface (see diagram below). The proposed second well for the project targets the
Leadville Limestone one mile (1.6 km) up dip to the SSW, and would intersect the Leadville
Limestone 1,000 feet (305 m) higher vertically above the intersection in Paradox Basin #1.
Permitting is currently under way for the next location.

GL