drilling program

Fast facts on EBR's upcoming drilling

Rig Availability:
They currently have a deal to use the WSP rig if it works OK.
If WSP rig is no good, we are left with an indefinate wait for an alternative rig.
WSP now drilling Reids Dome followed by Cherwonda horizontal extension.
EBR get the rig after that
No news yet on how the rig is performing.
Rig delays/uncertainty is part of the reason for EBR's recent selloff imo.

Drilling:
EBR fully carried for 37.5% interest in 4 remaining wells of the Pel 182 5 well program
Potential resources as follows
Sarahlyn-1 P50 9mmbbls
Jasmine-1 P50 5mmbbls
Michelle-1 P50 5mmbbls
Vanessa-1 P50 15Bcf

Cash $4.453mil 31-03-06

At 5c sp EBR's market cap is ~$11.5mil
Good potential upside for EBR if the JV can gross 2.5mmbbls+ out the 4 well program + Emily-1(already drilled, awaiting workover).