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Gold/Mining/Energy : First Australian Resources -

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To: richard badauskas who started this subject	4/6/2001 2:19:46 PM
From: richard badauskas	of 1

Eagle Prospect, San Joaquin Basin. The old Mary Bellochi#1 well was successfully re-entered and flowed 250 barrels of high quality oil (40API). The well has been prepared for horizontal drilling into the Getchell sands. The operator hopes that a 1,000 horizontal drill hole extension will allow the sands to flow at 500-1,000 barrels of oil and 1.5-3 MMCF gas per day. If this well is successful several more wells will be drilled with multiple horizontal extensions. So oil and gas production could increase very substantially (subject to mechanical failure). A series of other farm-ins are possible all located in the same area and also on the Berkley trend at East Lost Hills. (FAR is currently valued at US$5.8M with US$1M cash and operating profitably)AND it is preparing to drill an offshore wildcat in Western Australia (free carried) in September in an area that is surrounded by a number of new discoveries made by Apache and Tap Oil. In Louisiana two producing gas wells completed (Tolar#1 at Clear Branch & Police Jury#1 at South Drew) and these wells and Terry Ewing#1 at Clear Brach subject to workover prior to production of gas. Neil Heirs#1 in Texas and Lake Long in the Mississippi delta await rigs to commence drilling. Go to website at the introduction to this post for more information. The farm-in documents are also available for review.

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