Redback Project,South Texas
(37.5% Interest)

'Redback’, is a joint venture with Wandoo Energy LLC on a 393 km2 3D seismic data base covering a small portion of a highly productive, onshore Gulf Coast, oil and gas trend in South Texas . This regional trend to date has produced some 1.2 billion barrels of oil and 6 trillion cubic feet of gas from near surface to 10,000 feet depth.

The objective of the joint venture is to target prospective stratigraphy between 8,000 and 12,000 feet depth in the Redback 3D seismic data base. A number of prospects are present with accompanying seismic attributes thought to reflect the presence of significant hydrocarbons.

Gas prospect potential ranges to an upside of 55bcfg + 0.5mmbo, with producing analogues on trend.  Land acquisition on the best rated prospect(s) is complete with the aim of drilling in 2011, subject to farmout. The joint venture exposes Sun Resources to a choice of quality drillable prospects of various risked size potential on a ground floor basis. The Company will mitigate drilling risk and offset the cost of any drilling by farming portion of its current 37.5% Working Interest in individual prospects to a 20% Working Interest level.

 

                     

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