31 July 2007drilling progress report● NeutralMajor
A shareholder update says Scott Zimmerman (President) and Bill Zeltwanger (Vice-President) were retained effective June 18, 2007. It reports May 2007 gross production of 576 bopd and 1,338 mcfd including Colorado, and says wells on the Leexus-acquired Bastrop acreage are being drilled and completed (Bastrop 2 shut in for recompletion). It also says the Colorado purchase of the full 20,000 acres has not yet closed, pending an evaluation and fairness opinion, and that the $1.8 million Giddings interests were bought using the credit facility. This is a company-prepared update, not audited results.