|
CXC CURRENTLY HAS EXPOSURE UNDER 700 BARNETT SHALE LOCATIONS
AFFORDING IN EXCESS OF 1.1 TRILLION CUBIC FEET OF NATURAL GAS. THE NET
RESERVES ATTRIBUTABLE TO THE CHAMPION POSITION IS IN EXCESS OF 131 BCF IN THE
BARNETT ALONE.
IN ORDER TO BALANCE THE PORTFOLIO OF CHAMPION, WE HAVE
ENTERED INTO A PSA WITH A NON-PUBLIC COMPANY WHEREIN CHAMPION WILL BE ACQUIRING
7,500,000 NET BARRELS OF OIL IN THE PROVED UNDEVELOPED SEC CATEGORY. THIS
PROJECT IS VERY EXCITING FOR US. THE ACQUISITION COSTS OF THESE NET
RESERVES AT TODAY'S PRICES WILL AFFORD CXC A NET RETURN ON INVESTMENT WELL IN
EXCESS OF THE INDUSTRY NORM. |
