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Petrichor (PTP.V) Closes First Tranche Convertible Debenture Financing

Discussion in 'Stock Market News & Analysis' started by mickymoose99, Oct 1, 2013.

  1. mickymoose99

    mickymoose99 Member

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    Petrichor (PTP.V) Closes First Tranche Convertible Debenture Financing for Gross Proceeds of C$3,400,000 and Acquisition of 50% Working Interest in Marble Falls Property, Texas






    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2013) - Petrichor Energy Inc. (FRANKFURT:YQN)(TSX VENTURE:pTP) (the "Company") announces that it closed the first tranche of its convertible debenture private placement (the "Private Placement") (refer to Press Releases April 3, 2013, June 7, 2013 and September 5, 2013). In accordance with the provisions of the subscription agreements received, at the closing of the Private Placement the Company issued convertible debentures in the total principal amount of C$3,400,000 (the "Debentures").

    All Debentures issued under the Private Placement are governed by the terms and conditions of an indenture dated effective September 26, 2013 (the "Indenture") with Computershare Trust Company of Canada ("Computershare") as trustee, a copy of which will be available under the Company's profile at www.sedar.com.

    Holders of the Debentures have the right to convert the principal amount and any accrued but unpaid interest thereon, into common shares of the Company (the "Conversion Shares") at any time up to the maturity date of September 26, 2016 (the "Maturity Date"), at a conversion price of C$0.35 per Conversion Share in the 1st year, C$0.70 in the 2nd year and C$1.00 in the third year, in respect of outstanding principal and, in respect of interest, at a conversion price equal to the greater of: (i) C$0.35 in the 1st year, C$0.70 in the 2nd year and C$1.00 in the 3rd year; and (ii) the last closing price of the common shares of the Company on the TSX Venture Exchange on the day prior to the issuance of the Conversion Shares.

    The Debentures are transferable (subject to applicable securities laws), and bear interest at 12% per annum, payable quarterly. Up to the Maturity Date, only interest on the Debentures will be repaid, with the first quarterly interest payment being due on December 31, 2013. The Debentures may be pre-paid at any time by the Company after four months from the date of issuance and prior to the Maturity Date. Any outstanding principal amount and accrued interest will be due and payable on the Maturity Date.

    The Debentures are secured by a first fixed charge on the Company's interests (held through the Company's wholly-owned subsidiary Petrichor Energy US, Inc. ("Petrichor US")) in certain leases located in Young County, Jack County, Archer County and Clay County, Texas which were acquired by Petrichor US at the concurrent closing of the Marble Falls Prospect acquisition described below, including any wells that may be drilled on such properties.

    No finders' fees were paid in connection with the Private Placement. The Debentures and any shares issued on conversion of the Debentures are subject to a hold period under applicable Canadian securities laws expiring January 27, 2014, and are subject to such further restrictions on resale as may apply under applicable foreign securities laws.

    The Company may complete a second and final tranche of convertible debentures under the Indenture at the end of October, 2013, subject to receipt of additional subscriptions and market conditions.

    Acquisition of 50% Working Interest in the Marble Falls Prospect

    As indicated above concurrent with the closing of the Private Placement, the Company acquired from BlakEnergy, Ltd. ("BlakEnergy") a 50% working interest in certain acreage (covering 11,695.33 acres to date), located in Young County, Jack County, Archer County and Clay County, Texas, known as the Marble Falls Prospect (the "Prospect"), together with such additional acreage as may be acquired by BlakEnergy and agreed to by the Company.

    As disclosed in prior news releases, Petrichor's participation in the Prospect will be a 50% cost-bearing working interest through the first 10 wells, delivering the Company a net revenue interest of approximately 37.5%. The Company's working interest shall be burdened by a 5% carried working interest through the tanks in favour of the vendor and/or its assigns on the first 10 wells drilled in the Prospect. Beginning with the 11th well, the carried working interest will convert to a cost-bearing 5% working interest, and all working interest owners will then participate on a full cost basis. As clarification, Petrichor's interest beginning with the 11th well will be a 45% working interest and a 33.75% net revenue interest.

    In consideration for its 50% interest, Petrichor made payment of 50% of the purchase price of US$650 - US$750 per acre for all acreage located within the Prospect. The variation in purchase price was based on the amount per acre (including land and brokerage fees, among other charges) paid by BlakEnergy for the acreage.

    The aggregate payment made by the Company to BlakEnergy for the acquisition of the Prospect was US$4,252,380 pursuant to the terms of a Second Amended and Restated Participation Agreement (Marble Falls Prospect) between Petrichor US and BlakEnergy dated September 16, 2013.

    The Marble Fall Prospect formations targeted are the Mississippi Lime & Marble Falls formations located in North Central Texas. The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone; analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage frac'd wells in the Marble Falls and Mississippi limestone with positive results.

    ON BEHALF OF THE BOARD

    Joe DeVries, CEO
     
  2. mickymoose99

    mickymoose99 Member

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    Petrichor (TSX:pTP) Closes $3,602,040 Non-Brokered Private Placement and Announces Co

    Petrichor (TSX:pTP) Closes $3,602,040 Non-Brokered Private Placement and Announces Convertible Debenture Financing Complete




    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 14, 2013) - Petrichor Energy Inc. (FSE:YQN)(TSX VENTURE:pTP) (the Company or PTP) announces that on November 11, 2013, it received acceptance from the TSX Venture Exchange to close its non-brokered private placement for gross proceeds of $3,602,040 (see news releases dated September 5, 2013 and October 17, 2013).

    Accordingly, on November 13, 2013, the Company issued a total of 14,408,160 Units at $0.25 per Unit, each Unit consisting of one common share and one share purchase warrant, each warrant entitling the holder to purchase one (1) additional common share, exercisable at $0.35 per share on or before November 12, 2015, provided that in the event that the weighted average closing price of the Company's shares on the Exchange equals or exceeds $0.70 during any 20 consecutive trading days commencing four (4) months after the date of issuance of the Warrants, then the Company may within 30 days of such an occurrence give notice in writing to the holders of the Warrants that the Warrants shall expire at 5:00 p.m. (Vancouver time) on the 20th business day following delivery of such notice unless exercised by the holders of the Warrants prior to such time.

    In addition, the Company issued a total of 363,158 common shares as finders' fees in connection with this private placement.

    These shares (including finders' fee shares and any shares that may be issued on exercise of the warrants) will be subject to a hold period under applicable Canadian securities laws expiring on March 14, 2014, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

    Gross proceeds of $3,602,040 raised from this financing will be used towards the acquisition and development of the Company's oil and gas properties, and for general working capital.

    One Insider has indirectly subscribed for a total of 600,000 Units from the financing, and accordingly that related party may acquire up to an additional 1,200,000 common shares in the capital of the Company (including shares that may be issued on exercise of warrants issued in connection with this financing), which will increase his pro rata shareholdings in the Company (the "Related Party Transaction"). All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, as the value of the Related Party Transaction is less than 25% of the Company's market capitalization, the Related Party Transaction is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101.

    Update Regarding Convertible Debenture Financing:

    The Company also announces that no further Convertible Debentures will be issued under its Convertible Debenture financing (see news release dated October 1, 2013), which is now completed.

    ON BEHALF OF THE BOARD

    Joe DeVries, Chief Executive Officer
     
  3. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (TSX:pTP) Completes Acquisition of Additional Interest in the Marbl

    Petrichor Energy (TSX:pTP) Completes Acquisition of Additional Interest in the Marble Falls Prospect and Initiates Drilling of First Well




    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 21, 2013) - Petrichor Energy Inc. (TSX VENTURE:pTP)(FRANKFURT:YQN) (the "Company" or "PTP") is pleased to announce that it has acquired an additional 16.67% interest in the Marble Falls Prospect (refer to Press Release October 1, 2013) in Fort Worth, Texas, and now holds a 66.67% Working Interest.

    Furthermore, the Company announces that the operator, BlakEnergy Ltd., has informed the Company that the construction of the location for the first well, being the Hinson #1 well (the "Well") on the Marble Falls Prospect, located in Young County, Texas, within approximation of surface coordinates -98.6644182 Longitude and 33.3508939 Latitude (the "Location") has commenced.

    The Well will be drilled to a depth of 5,200 feet to test the Caddo Lime, Marble Falls, and Mississippi Lime formations. The drill rig is scheduled to move on Location Monday, November 23, 2013, and it is anticipated that the Well will be spud on or around November 25, 2013.

    The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.

    ON BEHALF OF THE BOARD

    Joe DeVries, Chief Executive Officer
     
  4. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (TSX:pTP) Spuds Hinson #1 Well

    Petrichor Energy (TSX:pTP) Spuds Hinson #1 Well




    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 3, 2013) - Petrichor Energy Inc. (TSX VENTURE:pTP)(FRANKFURT:YQN) (the "Company") announces that a drilling rig has been moved on site and the Hinson #1 well was spud this morning and will be drilled to a depth of approximately 5,200 feet to test the Caddo Lime, Marble Falls, and Mississippi Lime formations.

    The Hinson #1 is the first of three wells to be drilled on the Marble Falls Prospect (the "Prospect"), and is located in Young County, Texas, within the approximate surface coordinates of -98.6644182 Longitude and 33.3508939 Latitude.

    The Company owns a 66.67% working interest in the Prospect, which covers 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.

    The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.

    ON BEHALF OF THE BOARD

    Richard Barnett, Director
     
  5. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (TSX VENTURE:pTP) Drilling Update on the Hinson #1 Well

    Petrichor Energy (TSX VENTURE:pTP) Drilling Update on the Hinson #1 Well




    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 10, 2013) - Petrichor Energy Inc. (TSX VENTURE:pTP)(FRANKFURT:YQN) (the "Company") announces that the drilling of the Hinson #1 well has reached a depth of 4,452 feet (1,357 meters). The Hinson #1 will be drilled to a vertical depth of approximately 5,200 feet (1,585 meters) to test the Caddo Lime, Marble Falls, Barnett shale and Mississippi Lime formations.

    As previously announced, the Hinson #1 is the first of three test wells to be drilled on the Marble Falls Prospect (the "Prospect"), and is located in Young County, Texas, within the approximate surface coordinates of -98.6644182 Longitude and 33.3508939 Latitude. The Company owns a 66.67% working interest in the Prospect, which covers 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.

    The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.

    ON BEHALF OF THE BOARD

    Joe DeVries, President
     
  6. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (PTP.V) Reports that Hinson #1 Well has been Completed and Flow Tes

    Petrichor Energy (PTP.V) Reports that Hinson #1 Well has been Completed and Flow Testing has Commenced




    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 4, 2014) - Petrichor Energy Inc. (TSX VENTURE:pTP)(FRANKFURT:YQN) (the "Company") announces that the Hinson #1 well (reference News Release December 3, 10 & 12, 2013) has been cased, and installation of production equipment has been completed. The well is now being evaluated for optimal initial production from the Caddo Lime, Marble Falls, Barnett Shale or Mississippi Lime formations. Management is pleased with the preliminary results of the well, which the operator successfully completed under budget and ahead of schedule. The production evaluation is expected to take approximately two weeks.

    The Company owns a 66.67% working interest in the prospect, which covers 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.

    The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.

    ON BEHALF OF THE BOARD

    Joe DeVries, CEO & President
     
  7. mickymoose99

    mickymoose99 Member

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    Petrichor (PTP.V) Announces Completion of Marble Falls Fracture Stimulation of Hinson

    Petrichor (PTP.V) Announces Completion of Marble Falls Fracture Stimulation of Hinson #1 Well in Young County, Texas




    VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 5, 2014) - Petrichor Energy Inc. (TSX VENTURE:pTP)(FRANKFURT:YQN) (the "Company") announces that fracture stimulation operations were completed on the Hinson #1 well (the "Well"), on March 4, 2014. The Company is proceeding with production testing of the lower portion of the Marble Falls, followed by a completion operation for the upper portion. Production equipment has been installed, and all production during the testing period will be sold.

    The Well is the first of three wells to be drilled on the Marble Falls Prospect (refer to News Releases dated December 3, 10, and 12, 2013), located in Young County, Texas within the approximate surface coordinates of -98.6644182 Longitude and 33.3508939 Latitude.

    As previously announced, Petrichor owns a 66.67% working interest in the Marble Falls Prospect, covering 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.

    The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.

    ON BEHALF OF THE BOARD

    Joe DeVries, President and CEO
     
  8. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (PTP.V) Encouraged by Flow Back of Frac on the Hinson #1 Well and In

    Petrichor Energy (PTP.V) Encouraged by Flow Back of Frac on the Hinson #1 Well and Initiates Permitting Second Well




    VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 25, 2014) - Petrichor Energy Inc. (TSX VENTURE:pTP)(FRANKFURT:YQN) (the "Company" or "PTP") is pleased to announce that the completion of the Hinson #1 well in the Marble Falls Formation (refer to Press Release March 5, 2014) is flowing back at an initial rate of 200 barrels a day and after the recovery of approximately 39.1% (1,510 barrels) of the frac fluid, the Hinson #1 well is now starting to show significant hydrocarbons. Readers are cautioned that further pumping will be required prior to being able to estimate a stabilized daily production rate.

    Given the encouraging results, the Company and the operator, BlakEnergy Ltd., have initiated the permitting and construction of the location for the second well, being the BlakEnergy #1 Garner well (the "Well") on the Marble Falls Prospect acreage. The Well will be located approximately at the surface coordinates of Longitude -98.2379022, Latitude 33.4396868 (the in Jack County, Texas. This Well will be drilled to a depth of approximately 6,400 feet to test the Strawn Sands, Caddo Lime, Marble Falls, Barnet Shale, and Ellenberger.

    The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results
     
  9. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (TSX-V: PTP) (FSE: YQN) Commences Drilling Operations

    Petrichor Energy (TSX-V: PTP) (FSE: YQN) Commences Drilling Operations


    Vancouver, BC / TNW-ACCESSWIRE / July 25, 2014 / Petrichor Energy Inc. (TSX-V: PTP; FSE: YQN) (the "Company") announces it has commenced drilling operations at the BLAKEnergy Garner #2 Well (the "Well), on July 24, 2014. The Well will be drilled to an approximate depth of 6,400 feet (1,920 metres), to test the Strawn Sands, Caddo Lime, Marble Falls, Barnett Shale and Ellenberger zones.

    The Well is the second of three wells to be drilled on the Marble Falls Prospect (the "Prospect"), and is located in Jack County, Texas, within the approximate surface coordinates of -98.228221 Longitude and 33.434426 Latitude.

    The Company owns a 66.67% working interest in the Prospect, which covers 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.

    The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.


    ON BEHALF OF THE BOARD

    SIGNED: "Joe DeVries"
     
  10. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (PTP.V) Provides Drilling Update on the BlakEnergy Garner #2 Well

    Petrichor Energy (PTP.V) Provides Drilling Update on the BlakEnergy Garner #2 Well


    Vancouver, BC / TNW-ACCESSWIRE / July 31, 2014 / Petrichor Energy Inc. (TSX-V: PTP; FSE: YQN) (the "Company") announces that the drilling of the BlakEnergy Garner #2 well has reached a depth of 4,503 feet (1,372.5 meters). The BlakEnergy Garner #2 well will be drilled to a vertical depth of approximately 6400 feet (1920 meters) to test the Strawn Sands, Caddo Lime, Marble Falls, Barnett Shale and Ellenberger formations.

    As previously announced, the Garner #2 well is the second of three test wells to be drilled on the Marble Falls Prospect (the "Prospect"), and is located in Jack County, Texas, within the approximate surface coordinates of -98.228221 Longitude and 33.434426 Latitude. The Company owns a 66.67% working interest in the Prospect, which covers 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.

    The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.

    ON BEHALF OF THE BOARD

    SIGNED: "Joe DeVries"

    Joe DeVries, President
     
  11. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (TSX-V: PTP) Garner #2 Well Placed into Production

    Petrichor Energy (TSX-V: PTP) Garner #2 Well Placed into Production

    Vancouver, BC / TNW-ACCESSWIRE / September 24, 2014 / Petrichor Energy Inc. (TSX-V: PTP; FSE: YQN) (the "Company") is pleased to announce the completion of the BlakEnergy Garner #2 well (the "Well") and production facilities (reference News Releases July 31, 2014, July 25, 2014, and August 7, 2014). Upon completion of flow testing, the Well has been placed into production at a stabilized initial rate of 55 bbls/day.

    Given the success of the Well, the Company is currently in the process of permitting five locations for five additional vertical wells on the Marble Falls Prospect, in which the Company owns a 66.67% working interest covering 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.

    The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.
     
  12. mickymoose99

    mickymoose99 Member

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    Petrichor Energy (TSX-V: PTP) Completes Permitting for the Next Three Wells

    Petrichor Energy (TSX-V: PTP) Completes Permitting for the Next Three Wells



    Vancouver, BC / TNW-ACCESSWIRE / November 3, 2014 / Petrichor Energy Inc. (TSX-V: PTP; FSE: YQN) (the "Company") announces its continuation to execute the next phase of the Company's well development plan with the completion of permitting for the following three vertical wells (the "Wells").

    The BLAKEnergy #2 Hinson well (the "#2 Hinson") will be drilled to a depth of approximately 5,200 feet to test the Strawn Sands, Caddo Lime, Conglomerate, Marble Falls, Barnet Shale, and Chappel (Mississippi) Lime. The #2 Hinson will be located approximately at the surface coordinates of Longitude-98.6325862, Latitude 33.3389839 in the Hinson et al lease.

    The BLAKEnergy #1 Cobb well (the "#1 Cobb") will be drilled to a depth of approximately 6,000 feet to test the Strawn Sands, Caddo Lime, Atoka Conglomerate, Marble Falls, Barnet Shale, and Ellenberger. The #1 Cobb will be located approximately at the surface coordinates of Longitude-98.1535290, Latitude 33.3752469 in the Cobb et al lease.

    TheBLAKEnergy #1 CD well (the "#1 CD") will be drilled to a depth of approximately 6,000 feet to test the Strawn Sands, Caddo Lime, Atoka Conglomerate, Marble Falls, Barnet Shale, and Ellenberger. The #1 CD will be located approximately at the surface coordinates of Longitude-98.150920, Latitude 33.379975 in the Campsey-Davis et al lease.

    These Wells are the first three of five wells that were scheduled for permitting and drilling following the successful completion of BLAKEnergy Garner #2 well (refer to press release September 24, 2014). The Company is currently in the process of permitting additional locations for vertical and horizontal wells to be drilled in the Marble Falls Prospect, in which the Company owns a 66.67% working interest covering 11,695.33 acres to date, located within Young County, Jack County, Archer County and Clay County, Texas.

    ON BEHALF OF THE BOARD

    SIGNED: "Joe DeVries"

    Joe DeVries, CEO and President
     
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