Potential Future Project - Mountain View T.V.T. 5-9     

The Mountain View T.V.T. 5-9 well will be located in Section 9, T31S, R29E, MDB&M within the boundaries of the Mountain View Oil Field. The shallow zones of interest, which are oil productive just east of the location, are the Kern River-Chanac Cattani and Santa Margarita sands. The proposed 5-9 well will be drilled in a new, up-thrown fault block (TVT Fault), located west of the Tupman #1 and #2 wells. These wells were drilled in 1937 and had initial production rates of 1440 and 615 barrels of oil per day respectively from the shallow sands. The depth of the shallow oil zones range from approximately 5,500 feet to 6,800 feet. The new well will test these sands and then continue to a depth of about 10,000 feet to test the exploratory potential of the deeper Mott, Fruitvale, Olcese, Pyramid Hill and Vedder sands in the footwall of the Stendrupt Fault. This fault is a major structural feature with over 3,000 feet of vertical displacement. It is expected that the recoverable reserves from the test well will be about 190,000 barrels of 27+ gravity oil and 141,000 MCF of gas from the shallow zones, and may prove up an additional 1.14 million barrels of oil and .840 BCF of natural gas in the deeper horizons.

R&R Resources has drilled 4 successful wells on this lease block and established oil production from the Santa Margarita and from within the shallow Cattani and Kern River-Chanac sands. Good oil production has also been established by the Tupman 43-9 well, about 1,700 feet southeast of the proposed new well. Cumulative production from the original four wells closest to the proposed well (excluding the new wells), was about 708,000 barrels of oil with an estimated 524,000 MCF of gas. Initial production rates from these old wells varied from 112 to over 1,440 barrels of oil per day with the average production rate being about 630 barrels per day. Since these wells were drilled a 3D seismic survey has been acquired covering the lease. Using this new 3D seismic and the information from the wells, the TVT 5-9 well should be located to the west of the Stendrup and TVT Faults, where both the shallow and deeper zones will be encountered in a position that should trap an oil and gas pool. Although any number of circumstances, whether now known or unknown, could cause this project to fail, the interpreted structural position and the proven productivity of the nearby wells makes the proposed exploratory well lower risk in the shallow zones. Although the deeper zones are higher risk, the large potential reserves make the drilling to the depth necessary to test these zones very attractive.

GEOLOGY

The geologic structure of the area is a gently dipping anticlinal nose with a southwest dip of about 20 to 25 degrees. The dipping beds are truncated to the east by the north trending TVT and Stendrupt Faults. The Stendrupt Fault is estimated to have over 3,000 feet of vertical displacement. This major fault and several fault splays off of the big fault, like the TVT Fault, should provide east closure for the trap in both the shallow and deep prospective oil zones.

The shallow primary sand zones of interest are all Miocene in age and are, from youngest to oldest, Kern River-Chanac, Cattani, and Santa Margarita. Each of the three primary exploratory zones are composed of a number of individual sand layers. The sands are poorly consolidated with a porosity of about 27 percent. The proposed well will penetrate the three primary zones and continue through the deeper exploratory Mott, Fruitvale, Olcese, Pyramid Hills and Vedder sand zones.

The prospect is supported by the Tupman 23-9 well. This well was first drilled in 1946 and redrilled by Pacific Western as the Frick-Hogan 23-9 in 1955. The well was abandoned as dry but cores taken within the shallow Santa Margarita sands had shows oil and gas. The electric logs that were run displayed resistivity readings within the Cattani, Chanac, and Santa Margarita sands that are very close to oil productive sands in the main field. This would support the oil/water contact being close to this well as the 3D mapping suggests with the TVT Fault trapping this new oil pool. The 23-9 well was drilled to 10,619 feet and encountered the Mott, Olcese, Pyramid Hill and Vedder sands. Although these sands were not oil productive at this location the zones had shows of oil or gas that may be oil productive up dip to the east. The 3D seismic indicates an up dip trap to the east.

		Oil	Potential
Shallow	Acres	BBL/Acre Ft	Reserves
Chanac, Cattani & Santa Margarita	10	200	190,000 BO
Deep Potential
Mott sands	10	200	40,000 BO
Fruitvale sands	10	200	300,000 BO
Olcese sands	10	200	400,000 BO
Pyramid Hill sands	10	200	200,000 BO
Vedder sands	10	200	200,000 BO
Total Deep Exploratory	Oil		1,140,000 BO
	Natural Gas		840,750 MCF

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