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Capricorn License Farm-In
| Location: |
Yacimiento 1/B Block, Salta Province, Argentina |
| Acreage: |
250,000 gross acres |
| Working Interest: |
25% working interest in portions of the Block |
| Operator: |
APCO Argentina Inc. (Sucursal Argentina) |
In Q2-2008 GPE and its partners completed the testing and evaluation of the Lomas de Guayacán x-1 well of the Martinez del Tineo Oeste Prospect. No commercial production of oil and/or gas was found in the well. The Lomas de Guayacán x-1 well had been drilled to a total depth of 2,264 meters in the Cretaceous Lecho formation. It was the second of two exploratory wells to be drilled on the Capricorn License in Salta Province of Northern Argentina in 2007-08. The two exploration wells are part of a farm-in agreement dated October 4, 2006 between Gold Point Energy, Antrim Argentina S.A. and APCO Argentina Inc.
The Company has now fulfilled its earning requirements for a 25% working interest the 54 square kilometer Martinez del Tineo Oeste Prospect. Management will be meeting with the Project Operator, APCO Argentina, to evaluate further potential for the project based upon oil and gas shows noted during drilling and testing.
Flor de Roca Farm-In
Under the terms of a farm-in agreement with Petrolera Comahue S.A. of Buenos Aires, Argentina, the Company earned a 12.5% interest of PDC's 90% interest in existing and future production of the Flor de Roca Field within the General Roca Block by funding a work over program on two wells. The wells are currently producing at gross production rate of 80 BOPD.
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