farm out of 50% interest in atocha project , page-3

Drilling to comment October.

Drilling of the re-entry is scheduled to commence prior to the end of October.

Pryme has been approached by a second company which is interested in farming into a 25% working interest in the Atocha project. The proposal is subject to financing. The Board of Pryme will consider this proposal. However, it is the Company’s intention that the re-entry of the HM Brian No.1 will proceed as planned and that, regardless of any future proposal to participate in the project, Pryme’s final working interest in the Atocha project will be between 25 and 50 percent including its carried working interest.

“We are delighted to welcome Future Corp as a partner in the Atocha Project and look forward to the re-entry work beginning in October,” said Justin Pettett Pryme’s Managing Director. “The Atocha Prospect presents an opportunity to confirm the production potential of an existing well with approximately 125 feet of by-passed gas and significant upside potential. The resource estimates are representative of estimates for existing producing fields within only five miles of the prospect. With thirty-two years of drilling history in the area, a very large amount of information is available regarding production, reservoir attributes, geophysics, geology, and drilling. Reservoirs across the Tuscaloosa Trend exhibit world class characteristics at attractive depths.”



Looks like an exciting prospect