Clifton Lands #1, Operator 15%WIThe Board is pleased to advise...

Clifton Lands #1, Operator 15%WI
The Board is pleased to advise that Clifton Lands #1
well is due to spud within the next 1 to 2 days. The well
is testing a primary objective in the Big Hum sand with 5
BCF classified as a PUD and targeting further exploration
upside objectives in the Tex W of 100,000 barrels oil. If
the well is successful initial flow rates are expected to be
around the 5,000 MCF per day and 100+ barrels of oil
per day. Total dry hole costs are estimated at
US$1,100,000. The well is expected to take 10 days to
drill and the rig is currently on site rigging up.
Partners in the Clifton Lands #1 well are:
Company WI
Grand Gulf Energy Ltd 46.83%
Golden Gate Petroleum Ltd (operator) * 15.00%
Other Partners 38.17%
* GGP is liable for 23% of dry hole costs of well costs.