MPG Petroleum, Inc.

Current as well as upcoming oil and gas investment opportunities.

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Re-entry and Stimulation of the No. 1 Winters-Modesett Prospect

The following information presents a synopsis of the key elements of this project. If you would like to receive complete details, a brochure is available upon request.

Through this prospect, MPG is going to develop reserves that have already been identified. Information gained from an exploratory well drilled in 1969 (the Coastal States No. 1 El Carro Ranch well) shows that one of the target pay sands of this project tested over 2 million cubic feet of gas per pay. This well did not produce due to what was believed to be a pipeline connection problem.  This issue has been resolved with a gas purchase contract and natural gas flowline connection to the pipeline owned by Copano Pipeline LLC already in place.

Recently gained information from the drilling and completion of the MPG No. 1 Winters-Modesett (subject well) indicates that formation damage introduced while drilling may also have effected this area in general.  Some wells have produced substantial reserves in short periods of time while many others have performed relatively poorly.  The focus of this project is to stimulate increased production from the subject well by “sand fracturing” past the “damaged zone” surrounding the well bore. 

Success in the subject well will lead to multiple opportunities to re-enter wells plugged and abandoned in the area and perform similar stimulations.

The economic projections are run on 50% of the highest tested rate in the Coastal well.

Economic projections utilize hedging of current market pricing of oil and gas, to produce a conservative outlook.

The reserve outlook of 1 billion cubic feet of gas, and 50,000 barrels of oil is based on comparison to the American Petrofina No. 1 Gonzales.  This well produced the 986,632 mcf, plus 44,150 barrels of oil cumulatively in about 3 1/2 years. This analog is based on its close geographic proximity to, fault separation from and  similar sand quality comparisons of the targeted pay sands in the subject well.

50% of this project is being made available for purchase. The decision to offer this project to new participants with MPG is based on our desire to develop a long-term working relationship. We feel that this project is a good way to get started with a relatively low-risk opportunity that may result in multiple well re-entry projects in the near future.

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Re-Entry of No. 5 Brammer Prospect

MPG Petroleum, Inc. acquired the mineral rights to the Brammer Lease, located in the Ginny, East Field after it was abandoned due to non-commercial production in 1998. Discovered on April 1, 1965 by Southwestern Oil and Refining Company, the No. 1, 2, 3 and 4 Brammer wells were completed as oil wells in the 7650' Sand and the 7450' Sands. Total cumulative production from these reservoirs was 1,025,271 barrels of oil and 938,353 mcf of gas. The No. 1 Brammer well was also completed in two natural gas productive sands, the 7410' Sand produced 258,189 Mcf of gas and the 6050' Sand produced 483,143 Mcf of gas.

In November 2004, MPG re-entered the No. 3 Brammer well which averaged a flowing rate of 30 barrels of oil per day in its first year.  The well was put on pump in its second year of production and continues to produce at the rate of 20 bopd, on average, as it approaches its third year of production.As a result of its success with the No. 3 Brammer, MPG will re-enter the No. 5 Brammer well.

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The Pearl Prospect

The Pearl Prospect targets world-class sized reserves of oil and gas. 500 Million Barrels of Oil Equivalent (BOE) in potential reserves have been estimated here which is in line with the analogous Mars, Mensa, Auger and Atlantis Field discoveries which have been made by Shell, BP-Amoco and Chevron-Texaco in the (ultra) deep offshore waters of the upper Gulf of Mexico. The Pearl Prospect is located on land and on near shore lands was originated using 2-D seismic data. A 3-D seismic data set has been acquired and is being expanded to support the development of this prospect. The Pearl Prospect appears to cover in excess of 10,000 acres of land and will support the drilling of a test well to a depth of 19,000 feet. The Pearl Prospect represents an opportunity for those other than the 'majors' to participate in the exploration and discovery of "offshore reserve size at onshore finding cost".

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Ritchie Farms Prospect

(Well drilled and flow tested at a rate of 1,000 Mcf, plus 200 Bbls condensate per day on a 10/64" choke, flowing up 5" drill pipe which was utilitzed as a production string when the drill pipe became stuck. Currently preparing to drill second well.)

Early in 2006, MPG Petroleum, Inc. drilled the No. 1 Curlee, test well of the Ginny South Prospect which resulted in a dry hole. In the final report of the No. 1 Curlee well, details were given concerning oil and gas shows encountered in several lower Frio sands. Although there was no commercial accumulation found in the No. 1 Curlee, the shows indicated that we were likely in close proximity to production. Since then, MPG has acquired a 3D seismic data survey over a property located about 3 1/2 miles northwest of this well. Using the 3D seismic data, MPG has identified a major velocity anomaly, commonly referred to as a "bright spot". These bright spots occur in two sands that correlate to the series of sands that carried shows of oil and gas in the No. 1 Curlee.

The Ritchie Farms Prospect is a 3-D Seismic supported prospect which has a major velocity anomaly on two horizons. These anomalies fit directly into the well control. For example, La Gloria Oil Company drilled their No. 1 Ritchie well in 1952. It came in flowing at 105 barrels of oil per day from 1 of the targeted velocity anomalies. This zone is referred to here as the "8450' La Gloria Oil Pay Sand". Although it produced less than 1000 bbls of oil, the 3D seismic data explains why this occurred. The La Gloria well is positioned on the down dip edge a "channel" sand that develops a bright-spot velocity anomaly, north of and up-structure of the LaGloria well. The sand then continues to climb up the north and then disappears or pinches out into shale, which explains the accumulation. This is a classic "up dip, pinch-out" trap. The 8450' La Gloria Oil Pay Sand maps out at about 16 acres and the reservoir calculations estimate a recovery of 160,000 bbls of oil.

Below the 8450' La Gloria Oil Pay Sand is another major velocity anomaly lying at about 8900'. The shape of this deposit takes on the distinct appearance of a deltaic distributary system. The boundary of the sand fits the structural contours of the time structure map enclosed, neatly tying structure into stratigraphy. Although there has been no well drilled deep enough within the boundaries of this feature to show us what this sand would look like, the quality of velocity anomaly, thought to be a direct indicator of hydrocarbons and the size of it make for a a very exciting target. The 8900' Delta Sand, as it is referred to herein, appears to cover about 140 acres, thus it could hold reserves significantly larger than the 8450' La Gloria Oil Pay Sand.

MPG Petroleum, Inc. proposes to drill a 9,500' well to test the Ritchie Farms Prospect. The well will be positioned in a location that will test both sands. The 8900' Deltaic Sand, if proven productive may lead to the drilling of several development wells. MPG controls a significant acreage position from which we, along with the participants of the project will be assured to control the development of a field discovery.

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No. 2 Ritchie Farms Prospect

The No. 2 Ritchie Farms well is being drilled as a development to the new field discovery, that MPG Petroleum, Inc. has made on the Ritchie Farms Prospect in November 2007.

The No. 1 Ritchie Farms flow tested at a rate of 1,000 Mcf, plus 200 Bbls condensate per day on a 10/64" choke, flowing up 5" drill pipe which was utilized as a production string when the drill pipe became stuck.

The No. 2 Ritchie Farms prospect will be drilled at a location approximately 1,000' due east of the No. 1 Ritchie Farms well, to a total depth of 9,700'. It targets six (6) potential pay zones which are supported by 3D seismic amplitude anomalies.

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