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Barrhead 7-30 pump jack |
Desmarais has high working interests averaging more than 60% in its lands and facilities and operates in its core areas of West Central Alberta and South East Alberta. The Company's largest land holdings are at Barrhead (West Central Alta) where a recent acquisition has increased its control to nearly 40 sections (25,580 acres) of prospective lands with infrastructure and seismic data. The new operated acquisition lands also include an inventory of nine suspended gas wells, eight of which are fully equipped, as well as an interest in more than 12 kilometers of pipeline. The Company already owns a 100% interest in a regional 12.5 kilometers of pipeline and gathering system at Barrhead. Desmarais has a balanced portfolio of shallow to medium-depth, high impact gas prospects (pre-acquisition) on more than 4,286 net operated hectares (10,700 net acres) of undeveloped land independently evaluated at $1.7 million. An operated six well shallow gas drilling program is scheduled for the spring of 2010 in the Medicine Hat area. Desmarais is prospect rich with drill-ready opportunities. Poised to realistically develop a production base of 500+ boe/d in the near future with potential reserves of 900+ Mboe. Current reserves are 488 Mboe (thousands of barrels of oil equivalent) of Proved and Probable reserves. There are currently 23,490,900 shares issued and outstanding. |