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Pinnacle Gas Resources, Inc.
Carrizo contributed the majority of its interests in the Powder
River Basin into Pinnacle Gas Resources, Inc. (PGR) in June 2003
for an approximate 17 percent equity interest in the new entity
at year-end 2004. Carrizo also has the option, which if exercised,
would increase its equity interest in PGR to 22 percent. PGR has
drilled 241 gross wells since inception, making it one of the basin’s
most active developers. Current plans call for continued growth
through ongoing development and operations in 2005.
PGR holds an undivided interest in
approximately 79,000 net acres of leasehold, of which only 18,000
acres have been developed to date, placing it among the top ten
companiesin the Basin.
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U.K. North Sea Region
In the United Kingdom’s 21st Round of Licensing, we have been
awarded seven acreage blocks totaling over 209,000 acres. The blocks
are located within the mature producing areas of the Central and Southern
North Sea and consist of one “Traditional” and three “Promote”
licenses. The U.K. North Sea is a natural extension to our business
plan, technical analyses, and portfolio management. Our blocks are
in the proven hydrocarbon trends with established infrastructure,
available reprocessed 3-D seismic data sets and significant exploration
potential. We plan to promote our interests to other parties experienced
in drilling and operating in this region. |
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