- VAST management formed Current Energy Partners (“CEP”) and raised roughly $17,000,000 which purchased certain Gas Fields in the Powder River Basin, Wyoming from Marathon Oil Corporation (NYSE:MRO) which consisted of over 1,600 coal bed methane gas wells and 155,000 net acres which were producing a gross 17 million cubic feet of gas per day at the time of purchase. The assets have since been sold to High Plains Gas, Inc. (OTCBB:NXPN).
- VAST acquired 100% of an oil/gas drilling project located in Grayson County, Texas, the Perrin Airport Prospect. The prospect was sold to Payson Petroleum, LLC resulting in a 200% cash return on investment along with 15% carried interest in the initial well, which is scheduled to spud by early November 2011.
- VAST management and partners following the Covenant oil field discovery in Central Utah by Wolverine Gas & Oil Company, projected to be over 250 million barrels of oil, leased nearly 80,000 net acres. Partners included Clayton Williams Energy, Inc. (NASDAQ:CWEI) and Yates Petroleum Corporation. Vast management raised roughly $4,000,000 for the venture and some of the acreage has been sold to various oil and gas companies. The partnership roughly made a 36% return on investment within the first two years while still retaining majority interest in the leases.
- VAST management and partners including Camden Resources, Inc. and Swift Energy Company (NYSE:SWY) drilled a wildcat well in Kenedy, TX, the Burns #1 to a depth of 13,800 ft. and encountered multiple formations. The initial production rates were 3.1 million cubic feet of gas and 175 barrels of oil per day. Following the Burns #1, ten (10) additional wells were drilled and developed which were later sold.
- VAST management and partners including Cobra Exploration Company performed a 3-D seismic shoot covering roughly 42,000 thousand acres in Chambers County, TX. The seismic has identified roughly 13 large prospects which are currently being developed. Some of the prospects have been farmed out for exploration to other oil and gas companies. The first successful well drilled was the Mont Belvieu-Houston #1. Drilled to a depth of 14,100 ft. the initial production rates were 4 million cubic feet of gas and 380 barrels of oil per day.
- VAST management and partners including International Petroleum and Swift Energy Company (NYSE:SWY) drilled a wildcat well in Goliad, TX, the Post #1 to a depth of 13,500 ft. and encountered multiple formations. The initial productions rates were 4.7 million cubic feet of gas per day. Three (3) additional wells were drilled which included the Bego #1, Post #3 and Post #4. The Post #1 has produced 3.67 billion cubic feet of gas and 28,600 barrels of oil. The Bego has produced 3.77 billion cubic feet of gas and 47,700 barrels of oil. The Post #3 has produced 657 million billion cubic feet of gas and 1,800 barrels of oil. The Post #4 has produced 852 million cubic feet of gas and 6,500 barrels of oil.
- VAST management in a joint venture with International Petroleum, Tolar Energy and Petro-Hunt, drilled a well in the West Scott Field, Lafayette, LA to a depth of 15,500 ft. and encountered the prolific Bol Mex formations. The initial production rates were 20 million cubic feet of gas and 1,100 barrels of oil per day. The well has produced roughly 13 billion cubic feet of gas and 1 million barrels of oil.
- VAST management in a joint venture with Ultra Oil & Gas, Inc., drilled a shallow well in Concho County, TX to a depth of 2,000 ft. and discovered what was later deemed as one of the largest shallow oil fields found in Texas in the past ten years, the Dare I Hope Field. We drilled 32 developmental wells. The field has produced roughly 1,350,000 barrels of oil.
- VAST management in a joint venture with Ultra Oil & Gas, Inc., also drilled a second wildcat well in Concho County, TX and discovered a second field, the Dare I Cook Field. We drilled 5 developmental wells. The field has produced roughly 350,000 barrels of oil.
Below is a list of additional individual wells drilled in which management participated as a working interest partner.
- The Vaughn #1 drilled to 16,000 ft. came in at 12.6 million cubic feet of gas per day.
- The Baldwin #9 drilled to 16,000 ft. came in at 1.8 million cubic feet of gas and 1,250 barrels of oil per day.
- The Mallet #1 drilled to 16,000 ft. came in at 10.2 million cubic ft. of gas per day.
- The Brandon #1 drilled to 13,500 ft. came in at 1.8 million cubic feet of gas per day.
- The Riley #1 drilled to 2,000 ft. came in at 128 barrels of oil per day.
- The Cow Island-Apache #1 drilled to 11,500 ft. came in at 2.6 million cubic feet of gas and 140 barrels of oil per day.
- The Cow Island-Cahoon #1 drilled to 9,600 ft. came in at 4 million cubic feet of gas and 110 barrels of oil per day.
- The Cow Island-Mary Campbell drilled to 10,500 ft. came in at 6 million cubic feet of gas and 220 barrels of oil per day.
- The Burns #2 drilled to 14,100 ft. came in at 1.6 million cubic of gas per day.
- The Cow Island-Laidaker drilled to 13,800 ft. came in at 13 million cubic feet of gas and 175 barrels of oil per day.
- The Mobil Fee #4 drilled to 14,200 ft. came in at 6.1 million cubic feet of gas per day.
- The Schlorlemmer #2 drilled to 11,700 ft. came in at 6.0 million cubic feet of gas per day.
- The Casas #1 drilled to 4,000 ft. came in at 1.5 million cubic of gas per day.
- The Bratton #1 drilled to 13,500 came in at 1.1 million cubic feet of gas per day.
- The Luster Lockett drilled to 1,700 ft. came in at 30 barrels of oil per day.
- The Salt Gap Riley #1 drilled to 2,000 ft. came in at 128 barrels of oil per day.
The previous chart is designed to furnish information concerning programs that the Principals of Vast Energy LLC either formed or have had affiliation within the past. However, past performance is not indicative of future results. Please note, the figures above may indicate current or initial production rates. Typically, production volumes are highest at the initial production rate and will begin to decline with time. There can be no assurance that any of the current levels of production will be sustained over time and it is possible that any given well could become depleted, thereby causing the well to become commercially unproductive. Oil and natural gas production fluctuates on a day-to-day basis, and could be more or less during any given month by a substantial amount. The chart above only shows wells and discoveries which were successful in finding hydrocarbons and does not list wells or prospects which were unsuccessful and deemed to be non-productive. This summary is qualified in its entirety by the information contained in the Partnership’s Confidential Private Placement Memorandum, as may be amended and supplemented from time to time (the “Memorandum”) and the Limited Partnership Agreement as set forth therein. This summary is neither an offer to sell nor a solicitation to buy interests in the Partnership. An offer may be made only to accredited investors by delivery of an original numbered copy of the Memorandum, which contains more complete information including risk factors, by an authorized representative of the Partnership’s General Partner. This summary does not discuss the risks associated with oil and gas investing or with the Partnership. The interests are being offered in reliance upon exemptions from registration under the Securities Act of 1933, as amended and applicable exemptions under state securities law.