The Columbia River basin has experienced significant activity in the past several years, including several >14,000 foot wells drilled at Anderville Farms by Encana and now Delta (at the Delta - Gray 31-23 well). These wells represent a significant industry commitment to establish commercial natural gas production in the expanding Pacific Northwest and West Coast energy markets.
Brownstone's Investment
In two separate transactions (2006 and 2007), Brownstone acquired from Savant Resources LLC, a private company (and operator) and a private vendor, a 7.5% working interest in 419,756 gross acres (416,203 net) in the Columbia River Basin.
The leases are 87% Fee and 13% Federal in the Sherman, Gillian, Marrow and Umatilla counties of Oregon.
97% of leases expire in 2016.
Working interest ownership:
Savant Resources LLC 69.38%
Delta Petroleum Corp. 11.6%
Husky Exploration (CRB) Inc. 11.56%
Brownstone 7.5%
2009 Program includes water well methane studies; studying results of the Delta 31-23 well (which was recently reported to have 328' 'net pay'); acquisition and reprocessing of 54.5 m2 2-D seismic and and acquisition of 24 m2 of new 2-D swath seismic in anticipation of selection and drilling in 2010.
