Seisma Energy Research

April 22, 2009
The Shell Rich Ranch Joint Venture Project Is Determined To Be Non-commercial.
The following is an internal communique from Bret Boteler to all partners of the Shell Rich Ranch Joint Venture Project:
Partners,
The Shell Rich Ranch Project was logged to a total depth of 11,700’.
The log conclusively indicates that the entire well bore of the Shell Rich Ranch #3 is non-commercial.
The Y-3 sand is depleted.
The Y-4 sand appears to have 2’ of gas sitting on 28’ of water (non commercial).
The Y-5 sand is tight (limited permeability and porosity).
The Y-6 is tight and wet (water saturated).
The recommendation is to plug and abandon this well.
The vote has been made to plug and abandon the well.
A post mortem analysis will be prepared once all of the well data has been correlated with the log and surrounding well bores. I expect that report to be available sometime in the next few weeks.
I appreciate your participation in this well and wish I could be the bearer of better news!
EnerMax retained over 2.5% of this well for our own account. We believed this well had great potential and are perplexed by the results. Sincerely,
Bret Boteler
President Enermax
As Bret states in his memo, we too wish we had better news to convey, but thorough research and analysis has proven earlier estimates to not be realized.
Sincerely,
Management
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