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The
Company utilizes data gained from new, advanced technologies,
including: 3D seismic, remote sensing, geochemical, and
state-of-the-art satellite and aerial surveying to amplify the
analysis of the geology in a given area. By utilizing the advanced
engineering and logging techniques developed by Halliburton and
Schlumberger, the Company maximizes its oil and gas reserves and
greatly improves production from its wells.
Operations
Kingfisher
County, Oklahoma
Drilling operations on the Richard Hensley and Brooks Hensley wells
also know as the GoldFinch #2 and #3 wells respectively, reached
total depths of 8,200 feet. Based on the logging and subsequent
testing and permanent completion of the Melissa well, commonly
called the GoldFinch #1, the Company elected to drill both wells to
the Hunton zone depths. Following the successful drilling and
logging, Granite’s engineers elected to make permanent completions
in both wells in the Mississippian limestone, with 7,500 barrel
slick-water and acid fracture treatments. Fracture
load recovery has been on schedule and oil production has begun. The
Company has constructed surface equipment and natural gas pipelines
have been brought to the wellhead and attached. Both wells have been
deemed to be completed and have subsequently gone into production.
Seminole
County, Oklahoma
Drilling operations on the TigerShark #2-12 well, located on the
CardShark prospect in Seminole County, Oklahoma have been completed.
4,300 feet of production casing was run and cemented down the hole.
Initial drill stem testing indicates IP (initial production) figures
could range from 100 to 136 Barrels per day of oil production.
Archer County,
Texas
Kunkel Oil lease in Texas. The Kunkel lease is located in Archer
County, Texas, and was acquired from Mahler Operating, Inc. This
prospect presents a special opportunity in the Archer County area as
part of Granite Energy’s Rework and Drilling program. The Kunkel
prospect consists of 5 (five) wells with existing production and 2
(two) wells identified for rework. The company plans to drill 3
(three) additional wells in the first half of 2007. Oil was
discovered in Archer County in 1911, and by January 1, 2001, more
than 489,066,000 barrels of oil had been taken out of Archer County
lands. The Kunkel lease was developed in the 1920s. Initial
production from these wells was approximately 20 bbl a day. In the
late 1920s these production numbers were not economically feasible
so the owners moved on to different prospects. In the 1930s the
wells on the Kunkel lease were plugged due to the economics of the
time. The Kunkel lease sat dormant for more than 50 years, until
Mahler Operating acquired the lease and began to drill new wells.
Oklahoma
Oklahoma has great potential for drilling success. Oil and natural
gas combined remain Oklahoma's top industry. Each day, nearly
200,000 barrels of oil and 5 billion cubic feet of natural gas are
produced from about 120,000 wells in 70 of Oklahoma’s 77 counties.
More than 500,000 wells have been drilled in Oklahoma. Crude oil
production has provided nearly $75 billion in revenues to Oklahoma
and it is estimated that two to three times the amount produced
still remains in the ground.
The oil and natural gas industry is by far the state's largest,
employing 50,000. The total value of Oklahoma's oil and natural gas
in 2004 was over $11.5 billion. Combined, oil and natural gas gross
production taxes paid by producers and royalty owners (not including
income taxes, sales taxes or other taxes) contributed more than $800
million to the state in 2004 -- more than $2 million per day.
According to the OERB (Oklahoma’s Energy Resource Board)
New Mexico
New Mexico presents tremendous opportunities for oil and gas
production. New Mexico’s crude oil reserves are 718 million barrels.
(ranked 4th). New Mexico’s crude oil production is 184 thousand
barrels per day. (ranked 6th) According to the New Mexico Oil & Gas
Association. New Mexico is a major source for natural gas liquids
and has numerous natural gas processing plants. One of the largest
natural gas fields in the world is located in the San Juan Basin in
the northwest corner of the state.
Mission
Our mission is: To build a strong, viable oil and gas exploration,
production and real estate holding company through sound investment
practices. To operate with a strong sense of moral, social and
environmental responsibility. To increase and protect value for
shareholders.
Management
Team
Granite Energy prides itself on its management team of highly
experienced and skilled industry professionals. The result is
excellent performance for its investors.
Granite's management team understands the complexities of the
financial services component as it applies to the oil and gas
industry. When combined with the expertise of its engineers,
geologists and drilling teams – who represent vast knowledge across
many compatible technologies – Granite's operations are assured of a
higher rate of success. The team studies the industry and industry
trends, applying best practices toward the goal of maximum benefit
for Granite Energy investors.
Granite Energy, Inc. Officers:
S. Matthew Schultz
President and CEO
Bruce L. Lybbert
Chairman of the Board
Jason F. Griffith
CFO and Director
Evan L. Twede
Director of Marketing
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