Tekoil & Gas Exploration Prospects

 

Western Newfoundland - a bright prospect.

Tekoil has a farmin agreement with Ptarmigan Resources Ltd,  in license block EL-1069, just above the Port au Port peninsular in western Newfoundland.

This exploration opportunity represents what we believe to be an opportunity with significant upside potential. Ptarmigan has engaged the reservoir engineering firm of Martin & Brusset Associates "MBA," (http://www.martinbrusset.com) based in Calgary, to provide a risked economic assessment of the mapped prospects.

Using a Monte Carlo simulation to statistically model the range of most likely outcomes, MBA identified the key input parameters of acreage, porosity, permeability and assumed net pay, and in modeling the range of possible outcomes, the risked Estimated Ultimate Recovery (EUR) potential of the six combined prospects of Ptarmigan was 67 MMstb (million standard barrels "oil") for the low case, 256 MMstb for the best case (most likely) and 463 MMstb for the high case.

Drilling began on January 14, 2008 and the next phase, scheduled to begin in late 2008, will entail the use of an offshore 3D seismic imaging program to map in further detail four offshore features already identified using 2D seismic data.

In addition to what we believe to be the enormous potential of this site, we are also excited by the prospect of having an enormous impact on the communities in the region.

Our development plan includes not only drilling but also:

    * Working with the western Newfoundland government and communities for greater energy production; and
    * Sponsoring educational and charitable programs with the intent of contributing positively to these communities.

We have already raised funds for an after-school tutoring program, and sponsored families at Christmas.

In addition, during western Newfoundland's second annual Oil and Gas Symposium in 2007, Tekoil announced the EMMA scholarship program which is scheduled to kick-off in 2008 in both Stephenville and Corner Brook. EMMA, which stands for Every Moment Means Achievement, affords disadvantaged students an opportunity to attend a trade school after graduation. 


Galveston Bay.

We believe there are many undeveloped reserves in Galveston Bay and have several exploration initiatives underway. Upon the completion of a fully-integrated field study, we will start drilling into these new reserves later in 2008.

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Production Stats

Well Status

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  • Shut In

Daily Production

  • Oil
  • Gas