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Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD

Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD E/2 Sec. 12, T1S, R64W – 320 Acres Adams County, Colorado E/2 NW/4 Sec. 30, T5N, R64W – 60 acres Weld County, Colorado Codell Potential. Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD

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Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD

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  1. Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD E/2 Sec. 12, T1S, R64W – 320 Acres Adams County, Colorado E/2 NW/4 Sec. 30, T5N, R64W – 60 acres Weld County, Colorado Codell Potential

  2. Deterministic Volumetrics using Well Log Analysis Wattenberg Energy LTD E/2 Sec. 12, T1S, R64W – 320 Acres Adams County, Colorado Codell Potential The Codell Sandstone in the Wattenburg area is a bioturbated, silty, shaley, very fine grained sandstone. Due to a high clay matrix, the sand has low porosity and permeability. The study area, E/2 Sec. 12, T1S, R64W, lies near the axis of the Denver Julesburg Basin (Figure 1). Most productivity in the Codell Sandstone lies near this axis. Figure 2 shows the position of the Codell Sandstone in the stratigraphic column. It is Upper Cretaceous in age and is a member of the Carlile Shale. It overlies the Blue Hill Shale and is overlain by the Ft. Hays Limestone. Both contacts are unconformable. Density log porosity measurements range from less than 8 to 22%. Core measurements have indicated that permeabilties are in the 0.01 – 0.1 md range. Bottom hole pressures are often in excess of 4000 psi. Water saturations commonly range from 35 – 45%. Generally log calculations use a Rw of 0.05 to 0.07 at BHT. This study uses 0.06. Anadarko has published that recovery factors for vertical well bores average from 1 to 3% while horizontal well bores range from 15 to 20%. It is still too early in the life of these horizontals to predict EUR’s. This study finds that Anadarko’s newly produced horizontal wells have recovery factors of nearly 10% on 160 acre spacing.

  3. Wattenberg Energy LTD E/2 Sec. 12, T1S, R64W – 320 Acres Adams County, Colorado No J Sand or Codell Rights on 80 acres shown on NW/4 and SW/4 of the SE/4 1 2 New Location 3 4 New Location 5 6 7 8 10 9 11 New Location 12 15 13 14 16

  4. Well Status, COGCC Scout Tickets, March 2, 2012, E/2 Section 12, T1S, R68W • 1.Sevens #1, Tudex Petroleum Inc., Sussex, 4920’, P&A • 2. TudexReinholt #NC4, Schneider Energy Services, Codell, Dakota,J Sand, Niobrara-Codell, Niobrara, 8571’, Producing • 3. Reinholt#12-6, Tudex Petroleum Inc.,Sussex,5110’, Producing • 4. Lenart#S-1, Tudex Petroleum Inc., Sussex, 5133’, Producing • 5. Elms #2, Schneider Energy Services, Codell, Dakota,DSand,J-Codell, J Sand, 8683’, Producing • 6. Croff#12-5, Tudex Petroleum Inc., Sussex, 5139’, Producing • 7. Elms 12-4, Tudex Petroleum Inc., Sussex, 5207’, Producing • 8. Brink #S-2, Tudex Petroleum Inc., Sussex, 5146’, Producing • 9. Bellinger#12-7,Tudex Petroleum Inc., Sussex, 5162’, P&A • 10. Darlow#12-2,Tudex Petroleum Inc., Sussex, 5108’, P&A • 11. Barker #12-9, Tudex Petroleum Inc., Codell, Dakota Niobrara-Codell, Niobrara, 8800’, P&A • 12. Mallo#1, Tudex Petroleum Inc., Sussex, 5175’, P&A • 13. TudexRuby #S3, Tudex Petroleum Inc., Sussex, Planned • 14. Ruby #1, Schneider Energy Services, Dakota,J Sand, Niobrara-Codell, Planned • 15. DarlowUnit #12-16B, Schneider Energy Services, Dakota, J Sand, 8750’, Producing • 16. Pulis#12-8, Schneider Energy Services, Sussex, 5170’, Producing

  5. Uncomingled Codell Locations

  6. The North York 14-12 is adjacent to the subject 320 acre lease. It is located at SE/SW of 12-1S-68W. I calculates to have a 3% recovery factor, which is within the range reported by Anadarko. This well was perforated from 8034’ to 8048’ (14’) with 2 JSPF. It was frac’d with 245,000 #’s of 20/40 sand and 3150 bbl gelled water. It calculated a 24,700 BOE EUR and 20,439 BOE/ Acre.

  7. North York 14-12 Reserves per Log Analysis and EUR per Decline Curve Analysis • Assumptions • The porosity is corrected for shale volume. • The volume of shale is indicated by the gamma ray log. The high and low API count used changes in each well. • The volume of shale affects the water saturation calculation. The sandstone runs from 35% to 45% water saturation but can be as low as 20%. • The temperature corrected water resistivity is .06 ohm-m. • The GOR is that reported on public records. • A formation volume factor is not considered. The Z factor is .94. • The pressure gradient is 0.57 psi/ft. It is an average of 16 surrounding wells. • The temperature gradient is 0.019 F/ft. • The BOE calculation of gas considers 5800 cubic feet per equivalent barrel. • The decline curve assumes logarithmic decline.

  8. North York 14-12 Decline Curve Analysis Semilog Fit – Using last three years of production – 1471, 1180 and 889 BOE per year. EUR estimated at 24,700 BOE. This results in a 3% recovery factor of the petroleum initially in place (PIIP). The North York 14-12 has produced for 8 years. The BOE per acre is estimated as 20,439. Production (BOE/yr) vs. Time (yr) Note on all fits , only the last two or three data sets are used. BOE per Year Years

  9. The North York 11-12 is adjacent to the subject 320 acre lease. It is located at NE/SW of 12-1S-68W. I calculates to has a 5.1 % recovery factor, which is outside the range reported by Anadarko. This well was perforated from 7955’ to 7967’ (12’) with 2 JSPF. It was frac’d with 245,500 #’s of 20/40 sand and 3142 bbls gelled water. The BOE per acre is estimated as 11,361.

  10. North York 11-12 Decline Curve Analysis Semilog Fit – Uses North York 14-12 decline. EUR estimated at 23,200 BOE. This results in a 5.1% recovery factor of the petroleum initially in place (PIIP). The North York 11-12 has produced for 8 years. The last 3 years of production are 1338, 1130, and 1015 BOE/yr. BOE per Year Years

  11. The Sauvage 3 is adjacent to the subject 320 acre lease. It is located at SE/NW of 7-1S-67W. It calculates to have a 1.6% recovery factor, which is within the range reported by Anadarko. This well was perforated from 7985’ to 8003’ (18’) with 4 JSPF. It was frac’d with 226,000 #’s of 20/40 sand and 2869 bbl gelled water with air at 18 BPM. The BOE per acre is estimated as 9,937.

  12. Sauvage #3 Decline Curve Analysis Semilog Fit. EUR estimated at 6,200 BOE. This results in a 1.6 % recovery factor of the petroleum initially in place (PIIP). The Savauge #3 has produced for 8 years. The last 2 years of production are 201 and 166 BOE/yr. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  13. Sauvage #3 Production Data Elms #2 Production Data Initially J Sand Production. Codell Frac’d and brought on in 2005. North York 11-12 Production Data North York 14-12 Production Data

  14. The Elms #2 is in the 320 acre lease. It is located at SE/NE of 12-1S-68W. It calculates to have a 2.5% recovery factor, which is within the range reported by Anadarko. This well was perforated from 7955’ to 7969’ (14’).It was frac’d with 220,000 #’s of 20/40 sand and 2619 bbl gelled water. The BOE per acre is estimated as 5,774.

  15. Elms #2 Decline Curve Analysis Semilog Fit. EUR estimated at 5,520 BOE. This results in a 2.5 % recovery factor of the petroleum initially in place (PIIP) on 40 acres. The Elms has produced for 7 years out of the Codell. The last 2 years of production are 610 and 441 BOE/yr. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  16. West to East Cross Section

  17. Codell West to East Cross Section

  18. Log Data Locations for North – South X Section

  19. South to North Cross Section Niobrara A bench B bench C bench Fort Hays Codell

  20. The Barker 12-9 is in the 320 acre lease. It is located at NE/SE of 12-1S-68W. This well was perforated from 7998’ to 8006’ (8’). It was frac’d with 170,000 #’s of 20/40 sand and undisclosed fluid. The BOE per acre is estimated as 7,055.

  21. Barker12-9 Decline Curve Analysis - Codell-Niobrara Semilog Fit. EUR estimated at 71,000 BOE. The Barker 12-9 had produced for 18 years out of the Niobrara - Codell. It had produced 69,300 BOE when P&A’d. Given 20% Niobrara production, as is reported, 55,440 BOE are attributed to the Codell. This results in a 20% recovery factor. This well may be a very good Codell well or very good production out of the Niobrara which would decrease this Codell EUR. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  22. The TudexReinholt #NC4 is in the 320 acre lease. It is located at NW of 12-1S-68W. It calculates to have a 2.8 % recovery factor. This assumes 80% of production is from Codell. This well was perforated from 7923’ to 7934’ (11’). It was frac’d with 90,000 #’s of 20/40 sand and 2,000 gal 15% HCL and additives. The BOE per acre is estimated as 7,211. It uses the Neutron-Density log found on the Elms 2 because there was not one of record.

  23. TudexReinholt #NC4 Decline Curve Analysis - Codell-Niobrara Semilog Fit. EUR estimated at 10,100 BOE. The TudexReinholt #NC4 has produced for 11 years out of the Niobrara - Codell. Given 20% Niobrara production, as is reported, 8,080 BOE are attributed to the Codell. This results in a 2.8% recovery factor. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  24. The Reynolds 21-24 is a Codell vertical well near the horizontal PSC 13C-13HZ. It is located at NW/NE of 24-3N-68W. The horizontals are immediately north in S/2 13-3N-68W. It calculates to have a 4.1% recovery factor. This well was perforated from 7386’ to 7406’ (20’).It was frac’d with 116,340 #’s of 30/50 sand and 3891 bbls fluid. BOE per acre is estimated as 13,934.

  25. Reynolds Decline Curve Analysis Semilog Fit. EUR estimated at 23,050 BOE. This results in a 4.1 % recovery factor of the petroleum initially in place (PIIP) on 40 acres. The Reynolds has produced for 5 years out of the Codell. The last 3 years of production are 3309, 1818 and 829 BOE/yr. Note the steeper decline than found in the immediate area surrounding the subject 320 acre lease. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  26. Reynolds 21-24 well logs. Note lower resistivity. This is assumed to correspond with lower water resistivity. PSC 13C-13HZ shows a 10 ohm-m resistivity whereas it is 7 – 7.5 here.

  27. PSC 13C-13HZ Decline Curve Analysis Semilog Fit. EUR estimated at 231,000 BOE. This results in a 21% recovery factor on 80 acres and 10% recovery factor on 160 acres when using the Reynolds’ well BOE/acre. It is spaced 160 acres with the PSC 12C-13HZ. The PSC 13C-13HZ has produced for 5 months out of the Codell. The last 5 months of production are reported as 13,482, 13,357,12,727,9,817 and 11,227 BOE/mo. It has a 4100 ft lateral which calculates as 56 BOE/ft. Production (BOE/mo) vs. Time (mo) BOE per Month Months

  28. PSC 12C-13HZ Decline Curve Analysis Semilog Fit. EUR estimated at 242,000 BOE. This results in a 22% recovery factor on 80 acres and 11% recovery factor on 160 acres. It is spaced 160 acres with the PSC 13C-13HZ. The PSC 12-13HZ has produced for 6 months out of the Codell. The last 6 months of production are reported as 14898, 14392,13388,12054,10004 and 9470 BOE/mo. It has a 4100’ lateral which calculates as 59 BOE/ft. Production (BOE/mo) vs. Time (mo) BOE per Month Months

  29. Best Estimate of Reserves PIIP – 2,626,700 BOE EUR – 262,700 BOE without vertical depletion and 10% RF

  30. High Estimate of Reserves PIIP – 2,626,700 BOE EUR – 525,300 BOE without vertical depletion and 20% RF

  31. Low Estimate of Reserves PIIP – 2,626,700 BOE EUR – 70,400 BOE with vertical depletion and 5% RF

  32. Wattenberg Energy LTD E/2 NW/4 Sec. 30, T5N, R64W – 60 acres Weld County, Colorado 1 2

  33. Well Status, COGCC Scout Tickets, March 2, 2012, E/2 NW/4 Sec. 30, T5N, R64W – 60 acres • 1. Lion #21-30, Blue Chip Oil Inc., Codell, 7036’, P&A • 2. Lion #2, Schneider Energy Services, Niobrara-Codell, 7040’, Producing

  34. Log Data Locations

  35. Wattenberg Energy LTD E/2 NW/4 Sec. 30, T5N, R64W – 60 acres Weld County, Colorado There is no neutron log on the Lion #21-30. Niobrara Btm C Bench Ft Hays Codell

  36. P&A 13-30 NW/SW 30-T5N-R64W Bottomhole Pressure in Niobrara-Codell - .55 psi/ft

  37. Codell Reserves and EUR The Lion 21-30 is in the north of the subject 60 acre lease. It calculates to have a 12% recovery factor for a 40 acre drainage area. The log analysis uses the neutron log from the Lions #2. This well calculated a 35,600 BOE EUR and 7484 BOE/ Acre. No perf or frac data was reported.

  38. Lions 21-30 Reserves per Log Analysis and EUR per Decline Curve Analysis • Assumptions • The porosity is corrected for shale volume. • The volume of shale is indicated by the gamma ray log. The high and low API count used changes in each well. • The volume of shale affects the water saturation calculation. The sandstone runs from 35% to 45% water saturation but can be as low as 20%. • The temperature corrected water resistivity is .05 ohm-m. • The initial GOR is 5400. • A formation volume factor is not considered. The Z factor is .94. • The pressure gradient is 0.55 psi/ft. • The temperature gradient is 0.019 F/ft. • The BOE calculation of gas considers 5800 cubic feet per equivalent barrel. • The decline curve assumes logarithmic decline.

  39. Lion 21-30 Decline Curve Analysis Semilog Fit. EUR estimated at 35,600 BOE. This results in a 12% recovery factor of the petroleum initially in place (PIIP) on 40 acres. The Lions 21-30 produced for 8 years out of the Codell before being P&A’d. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  40. The Lion 2 is in the south of the subject 60 acre lease. It calculates to have a 13% recovery factor for a 40 acre drainage area. This well calculated a 26,400 BOE EUR and 5116 BOE/ Acre. No perf or frac data was reported.

  41. Lion 2 Decline Curve Analysis , Codell-Niobrara Semilog Fit. EUR estimated at 33,000 BOE. Given 20% Niobrara production, as is reported, 26,360 BOE are attributed to the Codell. This results in a 13% recovery factor. The curve has been normalized for Codell production. Production (BOE/yr) vs. Time (yr) BOE per Year Years

  42. Best Estimate of Reserves PIIP – 378,000 BOE EUR – 75600 BOE without vertical depletion and 20% RF High Estimate of Reserves PIIP – 378,000 BOE EUR – 151,200 BOE without vertical depletion and 40% RF

  43. Low Estimate of Reserves PIIP – 378,000 BOE EUR – 0 BOE with vertical depletion and 10% RF The Lions #2 has produced for 27 years and was refrac’d in 2005. The flatten part of the decline curve is assumed due to Niobrara production.

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