This prospect is 2,045 with 75% WI and 80% NRI acres in Kern, County California. This is a production deal with no drilling risk. There are currently 12 wells drilled on the lease. The lease is currently producing approx 180 BOPM from 3 wells. The development plan is to rework all 12 wells and the upside potential is +-150 BOPD after minimal reworks in the Monterey Shale "Antelope Interval" with 10 new PUD Wells to be drilled with 820K EUR revoverable. Future EUR of 200-250K BO on a secondary recovery basis in the Etchgoin interval.This lease was formally owned by a large hedge fund out of NY and was let go and production went down and regular maintenance was not kept up with. The reworks will consist of rod/tubing replacement and additional perforating in the "Antelope Interval" as it is grossly under perforated and majority of the interval is virgin production and has never been exploited. This is a great steady long term producing asset with tremendous upside.

Posted May 16, 2016

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