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Joint Interest Drilling Arrangement

3 Months Ended

Sep. 30, 2011

Joint Interest Drilling Arrangement

Joint Interest Drilling Arrangement

Note 3 — Joint Interest Drilling Arrangement

In July 2010, we entered into a drilling arrangement with an industry partner to drill up to five horizontal development wells in the Giddings Field in central Texas.  Our industry partner has funded $7.7 million through September 30, 2011, their portion of the approval for expenditure (“AFE’) for three wells, including a pipeline.  As of September 30, 2011, $91,324 of their funding has yet to be expended with respect to those wells.  We have billed our industry partner $358,245 for operating expense recovery and costs incurred for their share of costs.  Amounts pertaining to our industry partner’s share of the joint interest drilling arrangement included in our balance sheet as of September 30, 2011, are as follows:

Restricted cash from joint interest partner		$	127,466
Amounts due from joint interest partner		358,245
Accounts payable		225,438
Joint interest advances		91,324

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Disclosure in respect of the drilling agreement entered into by the reporting entity with the industry partner to drill up development wells.

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