ONSHORE USA, CALIFORNIA EAGLE OIL DEVELOPMENT PROJECT, CALIFORNIA Permits

Eagle Prospect, Onshore California, USA
(Lakes Oil: 17.97% interest. Operator: Strata –X Inc.)

The Eagle Prospect contains the Mary Bellochi-1 well, which was drilled in 1986 by Lakes and its joint venture partners, and flowed oil to surface for several weeks before withering out. Indications at the time were that failure of the well was the result of a mechanical problem, rather than oil ceasing to be present.

Drilling of the Shannon-1 well, to be located close to the Mary Bellochi-1 well location, is proposed. The well will be a near-offset appraisal of the P90 reserves, estimated at 1.2 MMBbl (oil) and 3.8 Bcf (gas). Drilling is planned, but not confirmed, pending rig availability.