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OPERATOR

DAVID ROBERTSON VLETAS, BS PETROLEUM ENGINEERING
EAGLE PRODUCTION INC, ABILENE, TEXAS


Oil companies and leases worked.
Exxon / Cogdell Field / Kent County, Texas
Texaco / Howard Field / Scurry & Garza Counties, Texas
Anadarko / Sharron Ridge Field / Scurry County, Texas
UPRC / Green River Formation / Green River, Wyoming
Sun Oil Company / Howard County Acquisitions, Texas
Bridwell Oil Company / Eastern Shelf Properties, Texas
Retamco / Penn. Play / Nolan & Fisher Counties, Texas
Foree Oil Company / Penn. Play / Runnels, Nolan & Fisher Counties Texas
Encon Services / City Services / Eastern Shelf, Texas
Rhodes Drilling / Grissom Field & Griffin Ranch / Haskell & Taylor Counties Texas
Polk & Patton / Eastern Shelf Prospects / Texas
Elco Oil & Gas / Pecan Station Field / Tom Green County, Texas
3-M Energy / Permian Basin Projects / Martin, Reagan, Irion Counties, Texas
Barlow & Haun / Wyoming Projects / Green River County, Wyoming
Gillespie Exploration / Canyon Sand Development / Jones County, Texas
EC Tool & Supply / Holley Ellenberger & Strawn Sand Field / Nolan & Fisher County, Texas
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Spalding Energy / San Andres Projects / Scurry County, Texas
Allegro Operating / Eastern Shelf Operations & Acquisitions / Texas
Contour Oil & Gas / Penn. Projects / Callahan & Runnels Counties, Texas
Henley Oil & Gas / Palo Pinto Study / Easter Shelf, Texas
Mel Richards Oil / Ellenberger Study / Nolan & Fisher Counties, Texas
Harken Oil & Gas / Eastern Shelf Prospects / Texas
Le Clair Operating / Penn Study / Runnels County, Texas
Solar Exploration / Griffen Ranch Project / Taylor & Coleman Counties, Texas
J&J Services / Penn Study / Runnels, Concho, Tom Green, Meanard, Irion & Schleicher Counties, Texas
Mid-Energy / Williams Ranch Study / Schleicher & Irion Counties, Texas
Capstone Innovations / Wolfcamp & Canyon Sand Play / Schleicher County, Texas
JD Oil & Gas / Hatchell Field Development / Runnels County, Texas
Pearson Siebert / Iatan East Howard Field Area / Howard County, Texas
Paul Barwis / Geophysical Projects / Schleicher County, Texas
Clearfork Operating / Red Cave Gas Project / Baca County, Colorado
Ray Moss & Elizabeth Halliburton / Mineral Appraisal, Revenue in Suspense Retrieval / Oklahoma & Texas

Nearly 800 wells completed or operated during the past 38 years.
NON-PASSIVE EXPENSES 
Intangible Drilling Costs (IDCs) are non-passive drilling expenses related to labor, fuel, chemicals, hauling, etc. and can be deducted 100% against earned income in the 1st year.

Tangible Drilling Costs (TDCs) are oil and gas drilling equipment such as casing, pump jacks and wellheads that are capitalized and depreciated over a 7-year period and are deductible non-passive expenses.
How is the lease value price determined at divestiture?
The divestiture price is approximated to be five years of net cash flow: The net monthly cash flow at the time of divestiture times 60 months per 1000 bopd plus the value of the extra remaining PUD locations.
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