MYERS OIL COMPANY

Prospect Portfolio

Following are brief summaries of of several projects that we are presently working on and for which we are actively seeking interested operators.  Please don't hesitate to contact us for much more detailed information:

• North Cowden, Clabberhill, and Triple N Fields, University Block 9 - Andrews County, Texas
  
  Primary development prospects include one workover and two additional open 40 acre locations for Holt formation oil production from a proven structure at a depth of approximately 5300 ft (estimated reserves 50 to 150 MBO per well), and another workover and open location for oil production from the San Andres formation at a depth of approximately 4200 ft.  Several additional plugback and salvage zones are also present in this area, of which the Grayburg looks particularly attractive, with reserves of 40+ MBO likely.  These prospects are located on University Lands acreage, where Myers Oil Company presently holds a 480 acre lease position.  We are seeking an operator capable of drilling 3 to 4 wells and working over 1 to 2 wells for this prospect.
  
  
• North Cowden Field - Ector County, Texas
  
  Myers Oil Company owns an interest in a tract with proven Grayburg and Holt/Clearfork oil potential at depths less than 5600 ft.  Two prospective Grayburg well locations and one Holt location remain available for development.  Direct offsets have produced up to 180 MBO and 440 MBO from the Grayburg and Holt/Clearfork intervals respectively.  Several additional formations, both shallower and deeper, are also proven producers in the area, with open locations available for development.  Unfortunately,  we have become involved with a relatively high cost operator on this lease, and that has discouraged us from pursuing further development opportunites while this operator remains involved.  We are looking for a low cost operator capable of drilling several wells to proceed with further development, and it may be necessary to buy out some or all of the present operator's rights.
  
  
• Shallow Gas Play, Northeastern Central Basin Platform
  
  We are finalizing our evaluation of a relatively shallow, multi-section gas play, which is anticipated to have very attractive economics.  The target zone has been evaluated through the use of modern well logs in numerous wells, and is confirmed by production from nearby fields with similar, easily identifiable characteristics.  Many existing wellbores are drilled through the target zone, and are available for use as excellent plugback candidates, at depths of less than 5,000 ft.  Our preliminary evaluation indicates reserves on the order of 1 BCF per 160 acre drainage area, and a total reservoir area covering several sections or more.  Our ongoing review of additional well logs will help to better delineate the reservoir area and improve the accuracy of these initial estimates.  Several producing lease acquisitions and multiple workovers will be required for this high potential prospect.
  
  
• Moderate Depth Gas Play - Pecos County, Texas
  
  We have identified a known gas play with reserves on the order of 5 BCF per well, that does not appear to have been adequately developed by previously drilled wells.  Depths to the primary zones of interest are less than 7,000 ft.  There are several additional target zones with very high potential but somewhat higher risk at depths less than 10,000 ft.  We are looking for an operator to acquire between 800 and 1800 acres of unleased acreage, and to drill a minimum of 4 wells.  It seems likely that additional prospective locations may become apparant upon further evaluation and development of this play.
  
  

Once again, please contact us for more detailed information on these or any other Myers Oil Company properties and prospects.

prospects.htm last updated: May 17, 2003 01:01:48 AM