Calibre Energy, Inc., an independent exploration and production company, focuses on the acquisition, exploitation, development and sale of crude oil and natural gas, in Irbil Province of Kurdistan, Iraq, in the Barnett Shale in Texas and the Fayetteville Shale in Arkansas. Projects The company holds non-operating interests in all of its projects. Bina Bawi Project In 2006, the company entered into a Novation and Amendment Agreement (Novation Agreement) among Hawler Energy, Ltd. (Hawler Energy), a Cayman Islands company, A & T Petroleum Company, Ltd. (A&T), a Cayman Islands company, and Hillwood Energy, Ltd. (Hillwood), a Cayman Islands company. Pursuant to the Novation Agreement, the company became parties to the Exploration and Production Sharing Agreement (the EPSA) dated March 29, 2006 between A&T, Hawler Energy and the Oil and Gas Petroleum Establishment of the Kurdistan Regional Government (the OGE). Pursuant to the terms of the EPSA, the OGE grants the other parties the right to explore and produce oil and natural gas from certain territory that includes the Bina Bawi. The company also has entered into a letter agreement with Hawler Energy pursuant to which each party grants the other party the right to participate in the next acquisition of any rights or interests for the exploration or production of oil and gas in the area of the Kurdistan Regional Government of Iraq. Pursuant to this letter agreement, the company would have the right of first refusal to obtain a 9% interest in such an acquisition by Hawler Energy and Hawler Energy would have the right of first refusal to obtain a 91% interest in acquisition by Calibre of rights or interests for the exploration or production of oil and gas in the area of the Kurdistan Regional Government of Iraq. In February 2007, the company announced that the Bina Bawi 1 exploration well was at a depth of 3,355 meters (11,007 feet) and had completed logging the lower part of the hole. Earlier in the drilling of the Bina Bawi 1, oil was recovered from the drill string during a fishing operation from intervals in the Upper Cretaceous at the depths of 550 to 750 meters. The Joint Venture has agreed to commence testing to determine the productive and commercial potential of approximately three zones intersected by the well. Furthermore, the Joint Venture anticipates drilling the Bina Bawi 2 appraisal well upon the completion of the Bina Bawi 1 to evaluate and test the prospective intervals in the Upper Cretaceous. As of April 12, 2007, the operator had run 7-inch liner to a depth of 3,264 meters in preparation for the testing of the well. Projects with Kerogen Resources The company is participating in three projects with Kerogen Resources, Inc., a small, privately held exploration and production company, located in Houston, Texas. These projects include Reichmann Petroleum Corporation Project, South Ft. Worth Basin Project and Williston Basin Project Reichmann Petroleum Corporation Project In 2005, the company entered into a joint venture with Kerogen Resources, Crosby Minerals and Reichmann Petroleum Corporation to explore, acquire and develop properties located in the Barnett Shale in the Ft. Worth Basin of North Texas. The company owns, through Kerogen Resources, a 12.5% working interest in the Purchase and Sale Agreement with Reichmann that covered 6,190 net acres of leasehold interests in Parker, Tarrant, Denton, and Johnson Counties, Texas. Subsequent to the initial acquisition, the company agreed to participate with Reichmann in the acquisition of certain leases and the drilling, testing and completion of a well on the Pannell Prospect in Johnson County covering 443 net acres to earn a 21.875% working interest. Additionally, the company agreed to participate in the Pipes Prospect in Hill County, Texas covering 128.7 acres. In 2006, the company agreed to participate in a Farm out Agreement for the Wilson Hancock 1-H well with Reichmann Petroleum and Kerogen for a 9.2969% working interest in the well. As of December 31, 2006, the company participated in 22 gross wells of which 12 wells are producing, five wells have been drilled, completed and fraced and are waiting to be hooked up to a pipeline, and five wells have been drilled to total depth, completed and are waiting to be fraced. As of December 31, 2006, its net acreage position subject to Reichmann agreements is 792.85 net acres. South Ft. Worth Basin Project In 2005, the company entered into a Participation Agreement for the exploration and development of wells in a portion of the South Ft. Worth Basin with Kerogen Resources, Wynn Crosby Energy, Inc. (Crosby), and Triangle USA (Triangle). The agreement covers a five county area in Texas, including Johnson, Hill, Somervell, Bosque and Hood counties, and consists of all lands in these counties outside areas of mutual interest covered by the Reichmann project. As of December 31, 2006, Kerogen had leased approximately 11,710.87 net leasehold acres. The company’s net leasehold position pursuant to this agreement is 3,161.93 acres. Williston Basin Project In 2005, the company entered into a Participation Agreement with Kerogen Resources covering all of the Williston Basin. Additional Acreage In addition to the three joint venture projects with Kerogen Resources, as of December 31, 2006, the company has acquired 5,318 gross leasehold acres and 3,417 net acres in the Barnett Shale outside of the areas covered by the Reichmann Petroleum JV, the South Ft. Worth Basin project and the Williston Basin project. Additionally, as of December 31, 2006, the company acquired 2,636 gross leasehold acres and 1,276 net leasehold acres in the Fayetteville Shale development in the Arkoma Basin in Arkansas. Reserves As of December 31, 2006, the company had twelve producing wells in which the company had an interest. The company’s total reserves included 1,658.606 MMcf Gas. History Calibre Energy, Inc. was founded in 2005.
calibre energy inc (CABE:Grey Market)
1667 K Street NW
Washington, DC 20006
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