4.1 ¿POR QUÉ ANTÍGONA Y NO SÓLO EDIPO?
4.2. ESTRUCTURA E INTERPRETACIONES.
For the purposes of Rule 11 of the AIM Rules, we are responsible for this report as part of the Admission Document and declare that we have taken all reasonable care to ensure that the information contained in this report is, to the best of our knowledge, in accordance with the facts and contains no omissions likely to affect its import.
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Appendix A
Northcote Assets
Northcote Assets – Producing Properties
*Bouziden (MS01) has been drilled, completed, tested, and is awaiting a nearly completed pipeline.
Northcote Assets – Under Option
Operator Status Exp. Date
Lease/Well State County Field WI NRI ORRI Net Acres
Big Hill 1H-12 OK Osage Big Hill Glenn Supply 27.8785% 20.90625% - HBP End of Prod. 44.6
Big Hill 2H-12 OK Osage Big Hill Glenn Supply 27.8785% 20.90625% - HBP End of Prod. 44.6
Big Hill 4H-12 OK Osage Big Hill Glenn Supply 27.8785% 20.90625% - HBP End of Prod. 44.6
Lauren (MS2) OK Osage Little Drum Glenn Supply 29.9375% 22.453125% - HBP End of Prod. 47.9
Little Drum (MS1) OK Osage Little Drum Glenn Supply 27.8750% 20.90625% - HBP End of Prod. 44.6
Sarah (MS1) OK Osage Little Drum Glenn Supply 27.8750% 20.90625% - HBP End of Prod. 44.6
Steele 2-11H OK Osage Mathis Glenn Supply 27.8750% 20.90625% - HBP End of Prod. 44.6
Steinberger 1H-10 OK Osage Mathis Glenn Supply 27.8750% 20.90625% - HBP End of Prod. 44.6
West Little Drum (MS2) OK Osage Little Drum Glenn Supply 29.9375% 22.453125% - HBP End of Prod. 47.9
Burkhart 3 OK Osage Little Drum Glenn Supply 29.9375% 21.91500% 1.8450% HBP End of Prod. 47.9
Bouziden* OK Woods n/a Midstates 0.2387% 0.1862% - HBP End of Prod. 0.38
Busse 1H-3 OK Woods n/a Midstates 0.1650% 0.1287% - HBP End of Prod. 0.26
Asset Interest
Operator Status Exp. Date
Lease/Well State County WI NRI ORRI Net Acres
Big Hill 1H-12 OK Osage Big Hill Glenn Supply 17.8750% 13.4046% 2.2275% HBP End of Prod. 28.6
Big Hill 2H-12 OK Osage Big Hill Glenn Supply 17.8750% 13.4046% 2.2275% HBP End of Prod. 28.6
Big Hill 4H-12 OK Osage Big Hill Glenn Supply 17.8750% 13.4046% 2.2275% HBP End of Prod. 28.6
Lauren (MS2) OK Osage Little Drum Glenn Supply 19.9375% 14.9531% 2.1030% HBP End of Prod. 31.9
Little Drum (MS1) OK Osage Little Drum Glenn Supply 17.8750% 13.4063% 2.2275% HBP End of Prod. 28.6
Sarah (MS1) OK Osage Little Drum Glenn Supply 17.8750% 13.4063% 2.2275% HBP End of Prod. 28.6
Steele 2-11H OK Osage Mathis Glenn Supply 17.8750% 13.4063% 2.2275% HBP End of Prod. 28.6
Steinberger 1H-10 OK Osage Mathis Glenn Supply 17.8750% 13.4063% 2.2275% HBP End of Prod. 28.6
West Little Drum (MS2) OK Osage Little Drum Glenn Supply 19.9375% 14.9531% 2.1030% HBP End of Prod. 31.9
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Northcote Assets – Undeveloped Leases
Operator Status
Lease/Well County Township Range Section WI NRI Net Acres
Layton 1 Osage 25N 03E 12 Glenn Supply 29.937500% 21.915000% Prospect 47.9 Layton 2 Osage 25N 04E 17 Glenn Supply 29.937500% 21.915000% Prospect 47.9 Braden School 1 Osage 25N 05E 11 Glenn Supply 27.875000% 20.906250% Prospect 44.6
CHK Well Woods 26N 14W 6 Chesapeake 0.240000% 0.187200% Prospect 0.38
Mississippian 01 Woods 26N 15W 12 Midstates 0.375000% 0.292500% Prospect 0.60 Mississippian 02 Woods 26N 14W 13 Midstates 0.238656% 0.186152% Prospect 0.38 Mississippian 03 Woods 27N 15W 28 Midstates 0.500000% 0.390000% Prospect 0.80 Mississippian 04 Woods 26N 14W 7 Midstates 0.451820% 0.352420% Prospect 0.72 Mississippian 05 Woods 26N 15W 33 Midstates 0.240000% 0.187200% Prospect 0.38 Mississippian 06 Woods 26N 15W 32 Midstates 0.161875% 0.126263% Prospect 0.26 Mississippian 07 Woods 27N 15W 34 Midstates 0.062500% 0.048750% Prospect 0.10 Mississippian 08 Woods 26N 15W 23 Midstates 0.070313% 0.054844% Prospect 0.11 Mississippian 09 Woods 26N 15W 13 Midstates 0.437500% 0.341250% Prospect 0.70 Mississippian 10 Woods 26N 14W 6 Midstates 0.062500% 0.048750% Prospect 0.10 Mississippian 11 Woods 26N 15W 12 Midstates 0.375000% 0.292500% Prospect 0.60 Mississippian 12 Woods 26N 15W 13 Midstates 0.437500% 0.341250% Prospect 0.70 Mississippian 13 Woods 26N 14W 5 Midstates 0.100818% 0.078638% Prospect 0.16 Mississippian 14 Woods 26N 14W 19 Midstates 0.240719% 0.187761% Prospect 0.39 Mississippian 15 Woods 26N 15W 24 Midstates 0.187500% 0.146250% Prospect 0.30 Mississippian 16 Woods 26N 15W 34 Midstates 0.049904% 0.038925% Prospect 0.08 Mississippian 17 Woods 26N 15W 35 Midstates 0.112890% 0.088054% Prospect 0.18 Mississippian 18 Woods 26N 15W 26 Midstates 0.018431% 0.014376% Prospect 0.03 Mississippian 19 Woods 26N 15W 27 Midstates 0.075680% 0.059030% Prospect 0.12 Mississippian 20 Woods 26N 15W 31 Midstates 0.062500% 0.048750% Prospect 0.10 Mississippian 21 Woods 26N 15W 7 Midstates 0.135623% 0.105786% Prospect 0.22 Mississippian 22 Woods 26N 14W 7 Midstates 0.451820% 0.352420% Prospect 0.72
Interest Asset
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Appendix B
Summary of Reserves by Asset
Northcote Oil Reserves
Northcote Gas Reserves All Figures in Mbbl
Asset Proved 2P 3P Proved 2P 3P
BIG HILL 1H-12 0.36 0.08
BIG HILL 2H-12,4H-12 6.64 1.39
BURKHART #3 66.51 17.03
LIT T LE DRUM, SARAH (MS1) 10.04 2.10
WEST LIT T LE DRUM, LAUREN (MS2) 8.14 1.70
ST EELE #2-11H 10.58 2.21
ST EINBERGER 1H-10 20.04 4.19
Busse 1H-3 295.10 0.38
BIG HILL 1H-12{incr} 291.53 60.98
BIG HILL 2H-12,4H-12{incr} 562.08 117.56
LIT T LE DRUM, SARAH (MS1){incr} 562.45 117.64
WEST LIT T LE DRUM, LAUREN (MS{incr} 557.10 116.52
ST EELE #2-11H{incr} 257.27 53.81 ST EINBERGER 1H-10{incr} 260.08 54.40 Bouziden 300.00 0.56 LAYT ON 1 81.80 20.94 LAYT ON 2 81.80 20.94 Braden School 300.00 62.75 CHK Well 300.00 0.56 MISSISSIPPIAN 01 300.00 0.88 MISSISSIPPIAN 08 300.00 0.16 MISSISSIPPIAN 09 300.00 1.02 MISSISSIPPIAN 10 300.00 0.15 MISSISSIPPIAN 11 300.00 0.88 MISSISSIPPIAN 12 300.00 1.02 MISSISSIPPIAN 13 300.00 0.24 MISSISSIPPIAN 15 300.00 0.44 MISSISSIPPIAN 22 300.00 1.06 MISSISSIPPIAN 02 300.00 0.56 MISSISSIPPIAN 04 300.00 1.06 MISSISSIPPIAN 07 300.00 0.15 MISSISSIPPIAN 14 300.00 0.56 MISSISSIPPIAN 18 300.00 0.04 MISSISSIPPIAN 19 300.00 0.18 MISSISSIPPIAN 03 300.00 1.17 MISSISSIPPIAN 05 300.00 0.56 MISSISSIPPIAN 06 300.00 0.38 MISSISSIPPIAN 16 300.00 0.12 MISSISSIPPIAN 17 300.00 0.26 MISSISSIPPIAN 20 300.00 0.15 MISSISSIPPIAN 21 300.00 0.32
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All Figures in MMcf
Asset Proved 2P 3P Proved 2P 3P
BIG HILL 1H-12 2.56 0.54
BIG HILL 2H-12,4H-12 146.09 30.56
BURKHART #3 0.00 0.00
LIT T LE DRUM, SARAH (MS1) 31.54 6.60
WEST LIT T LE DRUM, LAUREN (MS2) 69.73 14.58
ST EELE #2-11H 50.26 10.51
ST EINBERGER 1H-10 183.20 38.32
Busse 1H-3 927.86 1.19
BIG HILL 1H-12{incr} 797.89 166.88
BIG HILL 2H-12,4H-12{incr} 1,464.64 306.34
LIT T LE DRUM, SARAH (MS1){incr} 1,521.41 318.21
WEST LIT T LE DRUM, LAUREN (MS{incr} 1,482.63 310.10
ST EELE #2-11H{incr} 691.93 144.72 ST EINBERGER 1H-10{incr} 603.77 126.28 Bouziden 943.58 1.76 LAYT ON 1 0.00 0.00 LAYT ON 2 0.00 0.00 Braden School 862.71 180.44 CHK Well 939.68 1.76 MISSISSIPPIAN 01 931.32 2.72 MISSISSIPPIAN 08 904.14 0.50 MISSISSIPPIAN 09 900.34 3.07 MISSISSIPPIAN 10 896.43 0.44 MISSISSIPPIAN 11 892.73 2.61 MISSISSIPPIAN 12 888.64 3.03 MISSISSIPPIAN 13 884.92 0.70 MISSISSIPPIAN 15 877.62 1.28 MISSISSIPPIAN 22 851.64 3.00 MISSISSIPPIAN 02 927.81 1.73 MISSISSIPPIAN 04 919.82 3.24 MISSISSIPPIAN 07 908.09 0.44 MISSISSIPPIAN 14 881.45 1.66 MISSISSIPPIAN 18 866.54 0.12 MISSISSIPPIAN 19 862.71 0.51 MISSISSIPPIAN 03 923.78 3.60 MISSISSIPPIAN 05 916.04 1.71 MISSISSIPPIAN 06 912.12 1.15 MISSISSIPPIAN 16 873.93 0.34 MISSISSIPPIAN 17 870.13 0.77 MISSISSIPPIAN 20 858.96 0.42 MISSISSIPPIAN 21 855.35 0.90
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Appendix D
Glossary of Terms and Abbreviations
This report necessarily uses a large number of geological and petroleum industry technical terms. Capitalized terms used in the report but not defined in the following glossary comprise (a) the names of periods of geological time, (b) geographic locations, and (c) formal or informal names for rock units (Formations, Groups, etc.), which are also, generally, geographic locations. In the definitions, italicized terms are themselves also defined here.
% Percentage
1P Proved Reserves
2P Proved plus Probable Reserves
3P Proved plus Probable plus Possible Reserves
P2 Probable Reserves
P3 Possible Reserves
2-D (survey) Seismic data or a group of seismic lines acquired individually such that there typically are significant gaps (commonly 1 km or more) between adjacent lines. A 2D survey typically contains numerous lines acquired orthogonally to the strike of geological structures (such as faults and folds) with a minimum of lines acquired parallel to geological structures to allow line-to-line tying of the seismic data and interpretation and mapping of structures.
3-D (survey) three-dimensional (seismic data), The acquisition of seismic data as closely spaced receiver and shot lines such that there typically are no significant gaps in the subsurface coverage. A 2D survey commonly contains numerous widely spaced lines acquired orthogonally to the strike of geological structures and a minimum of lines acquired parallel to geological structures to allow line-to-line correlation of the seismic data and interpretation and mapping of structures.
AFE Authorization for expenditure, A budgetary document, usually prepared by the operator, to list estimated expenses of drilling a well to a specified depth, casing point or geological objective, and then either completing or abandoning the well. Such expenses may include excavation and surface site preparation, the daily rental rate of a drilling rig, costs of fuel, drill pipe, bits, casing, cement and logging, and coring and testing of the well, among others. This estimate of expenses is provided to partners for approval prior to commencement of drilling or subsequent operations. Failure to approve an authority for expenditure (AFE) may result in delay or cancellation of the proposed drilling project or subsequent operation.
anticlinal An arch-shaped fold in rock in which rock layers are upwardly convex, which is a fold with the shape of an arch
Aquifer An aquifer is an underground layer of water-bearing permeable rock
Barnett Shale A shale-gas producing formation that is now considered the largest gas producing field in Texas, and the second-largest in the United States
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Barrel a commercial unit of volume used to measure petroleum, by international agreement a barrel of petroleum equals 42 U.S. gallons
BBbl Billion barrels bbl(s) Barrel(s)
Bcf Billion cubic feet, Abbreviation for billion cubic feet, a unit of measurement for large volumes of natural gas.
Bcfe a symbol used in the natural gas industry for 1 billion cubic feet of gas equivalent (cfe). This is really an energy unit equal to about 1.091 petajoules (PJ).
billion thousand million (109)
BOE barrels of oil equivalent, gas is converted at its energy equivalent of 6000 cubic feet per barrel of oil
BOEPD barrels of oil equivalent per day,
BOPD barrels of oil per day, Abbreviation for barrels of oil per day, a common unit of measurement for volume of crude oil. The volume of a barrel is equivalent to 42 US gallons.
CPR Competent Person’s Report
Decline Curve Analysis An established method of estimating reserves utilizing historical production from a well or lease to forecast the future production and production decline. Drilling Unit An area allotted to a well by regulations or field rules issued by a governmental
authority having jurisdiction for the drilling of a well.
Economic Limit Point at which the operating cost exceeds net revenue from the lease or well. Exploratory Activities to establish the presence of reserves.
facies rocks grouped or catalogued by certain characteristics, generally, but not always, indicative of a specific depositional environment
fraccing A well stimulation treatment performed to restore or enhance the productivity of a well. Fracturing (frac) treatments are performed above the fracture pressure of the reservoir formation and create a highly conductive flow path between the reservoir and the wellbore.
ft unit of distance, equal to exactly 30.48 centimeters G&A General and Administrative overhead
GOR The ratio of produced gas to produced oil, commonly abbreviated GOR. Usually reported in Standard Cubic Feet of Gas per Stock Tank Barrel (“SCF/STB”), an important a physical characteristic of produced fluid
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HBP Held by production: A provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is producing a minimum paying amount of oil or gas. The “held by production” provision thereby extends the lessee’s right to operate the property beyond the initial lease term. This provision is also a feature of mineral property leases.
Heterogeneous Rock Formation whose properties change with geographic location or throughout HH Henry Hub, a Louisiana location widely used as a benchmark geographic location for
pricing US domestic natural gas, and forming the physical basis for pricing and settling NYMEX gas futures contracts
HI Hydrogen Index, in petroleum geochemistry, an important measure of oil source rock quality equal to the ratio of hydrocarbons generated under laboratory pyrolysis to TOC
Horizontal Laterals Horizontal laterals are the horizontal portion of a well bore
Hydraulic Fracturing A well stimulation treatment performed to restore or enhance the productivity of a well. Fracturing (frac) treatments are performed above the fracture pressure of the reservoir formation and create a highly conductive flow path between the reservoir and the wellbore.
Hydrocarbon A naturally occurring organic compound comprising hydrogen and carbon. Hydrocarbons can be as simple as methane [CH4], but many are highly complex molecules, and can occur as gases, liquids or solids. The molecules can have the shape of chains, branching chains, rings or other structures. Petroleum is a complex mixture of hydrocarbons. The most common hydrocarbons are natural gas, oil and coal.
IP Initial production of a well, typically reported as oil and gas
irreducible Here, hydrocarbon saturation at or below which hydrocarbons cannot be displaced from a porous rock
Isopach (map) The thickness. An Isopach Map is a map of the thickness of a horizon. Lease An area of surface land on which exploration or production activity occurs.
Lessor royalty A percentage share of production, or the value derived from production, which is granted to the lessor in the oil and gas lease, and which is free of the costs of drilling and producing.
M Thousand
Matrix porosity Pore spaces within the body of the rock that can contain gas (and water) MBO Thousand Barrels of Oil
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md millidarcies, oilfield unit of permeability Mean Average outcome of a set of data
Micro-porosity matrix Small to micro-scale pores within the rock that can contain free gas
Mineral Interest Ownership of the right to exploit, mine or produce all minerals lying beneath the surface of a property. In this case, minerals include all hydrocarbons. Mineral interests include:
1. the right to use as much of the surface as is reasonably necessary to access the minerals, 2. the right to execute any conveyances of mineral rights,
3. the right to receive bonus consideration, 4. the right to receive delay rentals and 5. the right to receive royalty.
Any or all of the above five rights of mineral ownership may be conveyed by the mineral owner. MM million (thousand thousand not million million), as used in oilfield and heat content
units such as MMSTB and MMBtu
MMBbl Million barrels
MMBtu Million British Thermal Units
MMBtu million British thermal units, unit of heat content used, e.g., for natural gas prices MMcfd Million Cubic Feet per Day
MMSTB million stock tank barrels, unit of oil volume (c.f. STB)
moldic porosity in carbonate rocks created by dissolution within grains, where the shape of the original grain is preserved and visible (c.f. intercrystalline, intergranular and mesovuggy)
NRI Net Revenue Interest,. A share of production after all burdens, such as royalty and overriding royalty, have been deducted from the working interest. It is the percentage of production that each party actually receives.
NYMEX New York Mercantile Exchange
NYMEX Strip NYMEX Strip Pricing is the average of the daily settlement prices of the next 12 months’ Pricing futures contracts.
OPEX Operating Expense. The cost to operate oil and gas wells. Usually excludes General and Administrative Expense or Overhead.
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ºAPI A specific gravity scale developed by the American Petroleum Institute (API) for measuring the relative density of various petroleum liquids, expressed in degrees. API gravity is gradated in degrees on a hydrometer instrument and was designed so that most values would fall between 10º and 70º API gravity. The arbitrary formula used to obtain this effect is: API gravity = (141.5/SG at 60ºF) - 131.5, where SG is the specific gravity of the fluid. degree(s) API, oil field measure of the specific gravity or relative density of crude oil (and other liquids) with respect to water, named for the American Petroleum Institute
C degree(s) Celsius, to convert to ºF
P10 10th percentile on a probability distribution. 10% of the possible outcomes will result in a value lower than the P10 value.
P90 90th percentile on a probability distribution. 90% of the possible outcomes will result in a value lower than the P90 value.
play a term used to describe a group of oil prospects that are controlled by the same set of geological circumstances
ppm parts per million
SCF standard cubic foot, oilfield unit of gas volume, measured at or converted to standard conditions of temperature and pressure
STB A stock tank barrel is 42 U.S. gallons at a temperature of 60 ºF (15.556 ºC)
Spacing Unit An area allotted to a well by regulations or field rules issued by a governmental authority having jurisdiction for the drilling and production of a well.
TCF trillion (1012) standard cubic feet, unit of natural gas volume (c.f. SCF)
TD total depth of an oil or gas well, conventionally measured down the length of the well bore from a reference at or close to the rig floor unless otherwise stated the vertical section
Thermal maturity The state of a source rock with respect to its ability to generate oil or gas. As a source rock begins to mature, it generates gas. As an oil-prone source rock matures, the generation of heavy oils is succeeded by medium and light oils. Above a temperature of approximately 100 ºC [212 ºF], only dry gas is generated, and incipient metamorphism is imminent. The maturity of a source rock reflects the ambient pressure and temperature as well as the duration of conditions favorable for hydrocarbon generation.
TOC Total Organic Carbon, usually expressed as weight%, which when corrected for maturity is the primary measure of original source rock quality
TVD True vertical depth trillion million million (1012)
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unconformity a boundary within a sequence of rocks that indicates a gap (in time) between the underlying and overlying rocks
USGS United States Geological Survey (www.usgs.org) US$ United States Dollars
WI Working Interest, a percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well or unit. After royalties are paid, the working interest also entitles its owner to share in production revenues with other working interest owners, based on the percentage of working interest owned.
WTI West Texas Intermediate, a crude oil whose price, FOB Cushing, Oklahoma, is widely used as a benchmark for pricing worldwide crude oils, and which forms the physical basis for pricing and settling NYMEX Sweet, Light crude oil futures contracts
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Appendix E
Definitions of Oil and Gas Reserves
Adapted from the 2007 Petroleum Resources Management System (PRMS) Approved by the Society of Petroleum Engineers (SPE)
Petroleum Resources Classification Framework
Petroleum is defined as a naturally occurring mixture consisting of hydrocarbons in the gaseous, liquid, or solid phase. Petroleum may also contain non-hydrocarbons, common examples of which are carbon dioxide, nitrogen, hydrogen sulfide and sulfur. In rare cases, non-hydrocarboncontent could be greater than 50%.
The term “resources” as used herein is intended to encompass all quantities of petroleum naturally occurring on or within the Earth’s crust, discovered and undiscovered (recoverable and unrecoverable), plus those quantities already produced. Further, it includes all types of petroleum whether currently considered “conventional” or “unconventional.”
Figure 1-1 is a graphical representation of the SPE/WPC/AAPG/SPEE resources classification system. The system defines the major recoverable resources classes: Production, Reserves, Contingent Resources, and Prospective Resources, as well as Unrecoverable petroleum.
The “Range of Uncertainty” reflects a range of estimated quantities potentially recoverable from an accumulation by a project, while the vertical axis represents the “Chance of Commerciality, that is, the chance that the project that will be developed and reach commercial producing status. The following definitions apply to the major subdivisions within the resources classification:
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TOTAL PETROLEUM INITIALLY-IN-PLACE is that quantity of petroleum that is
estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior