WSEG » Topics » Lodgepole Reef-Bakken Oil and Gas Prospects - Stark and Slope Counties, North Dakota

These excerpts taken from the WSEG 10-Q filed Apr 20, 2009.

Lodgepole Reef-Bakken Oil and Gas Prospects - Stark and Slope Counties, North Dakota

On November 3, 2008, the Company paid $10,000 to East Dickinson Oil and Gas Company (“EDOG”) for the assignment of 11 State of North Dakota 4 year lease prospects, located in and around Dickinson, North Dakota, amounting to approximately 750 acres. Nine of the leases have a 12.5% royalty to the State of North Dakota and two of them, a 16.7% royalty, all payable to the State.

The Company now has a working interest in seven Lodgepole Reef oil prospects and one Bakken oil-shale prospect within the Williston Basin for a total acquisition cost of $152,691.

Lodgepole Reef-Bakken Oil & Gas Prospects - Stark and Slope Counties, North Dakota

On November 3, 2008, we paid $10,000 to East Dickinson Oil and Gas Company for the assignment of 11 State of North Dakota four year lease prospects, located in and around Dickinson, North Dakota, amounting to approximately 750 acres. Nine of the leases have a 12.5% royalty to the State of North Dakota and two of them, a 16.7% royalty, all payable to the State.

We now have a working interest in seven Lodgepole Reef oil prospects and one Bakken oil-shale prospect within the Williston Basin for a total acquisition cost of $152,691.

These excerpts taken from the WSEG 10-Q filed Jan 20, 2009.

Lodgepole Reef-Bakken Oil and Gas Prospects - Stark and Slope
Counties, North Dakota


The Company purchased a working interest in seven Lodgepole Reef
oil prospects and one Bakken oil-shale prospect within the Williston Basin for
an acquisition cost of $152,691 as follows:


(i) On November 9, 2007 the Company entered into a Farmout Agreement
with Oil For America LLC (“OFA”) whereby the Company received a 100%
working interest after payout in the oil and gas leases of two Lodgepole Reef
prospects in Stark County for cash consideration of $40,000. Both prospects
are three year paid-up leases with a 17% landowner’s royalty and a 12.5%
back-in working interest for OFA after royalty payout. If the Company drills
both lease prospects, OFA has agreed to identify eight additional Lodgepole
Reef prospects for the Company under the same terms.


(ii) On December 11, 2007, the Company entered into a Farmout
agreement with CPC whereby the Company received a 100% working interest after
payout in the oil and gas leases of four Lodgepole Reef prospects in Slope County
for cash consideration of $80,000. Each lease is a three year paid-up lease
with a 20% landowner’s royalty and a 20% back-in working interest for CPC
after royalty payout.


(iii) On April 17, 2008, the Company entered into a memorandum
of understanding with OFA whereby the Company received a 100% working interest
after payout in the Rocheford 21-1 Lodgepole Reef prospect in Stark County for
cash consideration of $22,691.This prospect will involve three year paid-up
leases with a 17% landowner’s royalty and a 12.5% back-in working interest
for OFA after royalty payout.


On November 3, 2008, the Company paid $10,000 to East Dickinson
Oil and Gas Company (“EDOG”) for the assignment of 11 State of North
Dakota 4 year lease prospects. Nine of the leases have a 12.5% royalty and two
of them, a 16.7% royalty, all payable to the State of North Dakota. The amount
paid for these leases are refundable if EDOG is unable to provide a third party
geologist report verifying the potential oil and gas resources on the leases.


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Lodgepole Reef-Bakken Oil & Gas Prospects - Stark and
Slope Counties, North Dakota


On November 3, 2008, the Company paid $10,000 to East Dickinson
Oil and Gas Company (“EDOG”) for the assignment of 11 State of North Dakota 4
year lease prospects, located in and around Dickinson, North Dakota, amounting
to approximately 750 acres. Nine of the leases have a 12.5% royalty to the State
of North Dakota and two of them, a 16.7% royalty, all payable to the State. The
amount paid for these leases is refundable if EDOG is unable to provide a third
party geologist report verifying the potential oil and gas resources on the
leases.


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