ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING JUNE 30, 2000.

HIGHLIGHTS FOR THE QUARTER

  1. Re-commencement of production testing in early August 2000 on the up to 2.1 trillion cubic feet and 346 million barrels oil Pipeline Prospect with the production testing of EKHO-1 by adjacent lease holder Tri-Valley Corporation and partners. Encouragement for ability to successfully complete and test wells in the area provided by early July 2000 successful completion and testing of adjacent Berkley East Lost Hills No. 1 at up to 23 million cubic feet of gas and 1,700 barrels of oil per day.

  2. Planned drilling in late August 2000 by Apache Energy of the up to 29 million barrels of oil Chamois Prospect, if oil is present, in WA-261-P, offshore Carnarvon Basin.

  3. Planned follow on drilling in September 2000 by Apache Energy of the up to 39 million barrels of oil Rhebok Prospect, if oil is present, in WA-261-P, offshore Carnarvon Basin.

  4. Planned commencement in late September 2000 of San Joaquin Basin, California drilling program of up to six wells over next nine months targeting potential reserves of up to 240 million barrels and 796 billion cubic feet of gas, if oil and gas are present, subject to farmout and leasing.

  5. Very high gas prices in San Joaquin Basin of up to US$4.90 per mcf with oil prices in excess of US$25/barrel provide strong economic return potential in the event of any oil and gas discovery in forthcoming planned San Joaquin Basin drilling program

  6. Net oil and gas production estimate for the June 2000 quarter of 13,500 barrels oil equivalent equal to 150 barrels of oil equivalent per day for 18.4% owned Kestrel Energy, Inc, a US NASDAQ public company.

  7. Planned participation in a drilling program of up to seventeen wells in the next nine months as per the attached planned 2000 Drilling Schedule.

Index
Highlights | Exploration

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