Mainland Overview 11-30-2011


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Mainland Resources Public Overview for November 2011

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Mainland Overview 11-30-2011

  1. 1. Mainland Resources, Inc. A growth oriented, small cap independent E&P company with onshore US focus in Louisiana and Mississippi with a proven record of value creation and an inventory of pre-developed and high impact exploration acreage. June/July 2011
  2. 2. DisclaimerThis presentation material contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or otherstatements, other than statements of historical fact, are forward-looking statements. These statements include the Company’sfinancing plans and objectives, drilling plans and objectives, related exploration and development costs, number and location ofplanned wells, reserve estimates and values, statement regarding the quality or risk of the Company’s properties and potentialreserves and production levels. Although Mainland Resources Inc. (“Mainland” or the “Company”) believes that the expectationsreflected in such forward-looking statements are reasonable, they do involve a number of risks and uncertainties. Among theimportant factors that could cause actual results to differ materially from those indicated by such forward-looking statements are ourability to finance drilling activities, delays and difficulties in developing currently owned properties, the failure of exploratory drilling toresult in commercial wells, delays due to the limited availability of drilling equipment and personnel, fluctuations in oil and gasprices, governmental regulatory risks, general economic conditions and the risk factors detailed in the private placementmemorandum relating to this offering and from time to time in the Company’s periodic reports and registration statements filed withthe Securities and Exchange Commission.Any forward-looking statement speaks only as of the date on which the statement is made, and the Company undertakes noobligation to correct or update any forward-looking statement, whether as a result of new information, future events orotherwise, except as required by applicable law.The United States Securities and Exchange Commission regulations limit oil and gas companies, in their filings with the SEC, toincluding only proved reserves that a company has demonstrated by actual production or conclusive formation tests to beeconomically and legally producible under existing economic and operating conditions. This presentation contains certainterms, such as unrisked resource potential that the SECs guidelines strictly prohibit us from including in filings with the SEC. Theseterms include reserves with substantially less certainty, and no discount or other adjustment is included in the presentation of suchreserve numbers. You are urged to consider closely the disclosure in our Form 10-K, available on our website You can also obtain this form from the SEC at by calling 1-800-SEC-0330.Mainland Resources Inc. 2
  3. 3. Company Overview – Mainland Resources Inc.CORPORATE PROFILESector: Growth Oriented, Small Cap, Public E&P CompanyOffices: 21 Waterway Avenue, Suite 300, The Woodlands, Texas; Tel: (281) 362-2860SEC Reporting Status: 34 Act fully reporting, smaller reporting company, non-accelerated filerCorporate Governance: Full SOX compliance (3 years)Exploration Acreage: Buena Vista - 17,800 net acres Mississippi – Gas Prospect – Potential 8+ TCFFord’s Creek – 692 net acres Louisiana – Oil prospectMARKET PROFILE MNLU - OTCBB; 5MN – Frankfurt/BerlinCommon Shares Outstanding: 81 million current (96 million post merger); Fully Diluted Post Merger 108 millionMerger in Final Stages: SEC Form S-4 Merger with American Exploration Corp. (aggregates Buena Vista land package)Float: 58 millionWeighted Average Share Price: $0.73 on total volume of 65 million shares (January 1 to April 30, 2011)Estimated Shareholders: 6,000+Post Merger Market Cap: $28.8 millionInsider Ownership: 9.2%Mainland Resources Inc. 3
  4. 4. Company History Mainland Resources, Inc. (“Mainland” or the “Company”) was established in 2007 as a fully reporting public company. Since 2007, the Company with total equity capital of $5 million and has accomplished the following milestones:  Acquired, drilled, and developed shale gas assets partnering with Petrohawk, drilling 4 Haynesville Shale wells with IP’s in excess of 20 MMCF/Day  Partnered with Guggenheim Partners, LLC who are an 8% working interest partner in the Buena Vista Project and have provided debt financing in the previous Haynesville Shale drilling activities in Louisiana with a $40 million senior facility  Sold certain Haynesville zone interests for $28 millionto Exco Resources, Inc.; with a cost basis of $800,000  Funded the acquisition of the 18,000 acre Buena Vista Project with multi-TCF potential and drilled the BurkleyPhillips test well; designed completion strategy with various third party independent consultants that confirmed gas in place of at least 500 BCF per section  Consolidated ownership of Buena Vista gas projectby negotiation and administering the merger with American Exploration Corp through SEC Form S-4  Acquired 1,270 acres of Mississippi oil acreagetargeting the prospective Tuscaloosa and Paluxy hydrocarbon intervals encountered in an offset wellMainland Resources Inc. 4
  5. 5. Management Team - Combined experience of 150+ years Mike Newport – President, CEO, Director • 32 years of oil and gas experience in land/general management and M&A. • Responsible for development and subsequent sale of Mainland’s Haynesville Shale assets in Louisiana. • Leader in Company negotiations for new prospects. • BBA in Finance, MBA, Petroleum Land Management from the University of Oklahoma. Steve Harding – President, Director of American Exploration Corp. under merger with Mainland Resources • Prior positions of VP N. Canada and VP Alaska/MacKenzie Delta at EnCana and Chief Geoscientist at Husky Energy. • (Hon) B.Sc. Geology from McMaster University & M.Sc. Geology from University of Alberta 28 years experience. • Registered Professional Geologist by APEGGA (Association of Professional Engineers, Geologists and Geophysicists of Alberta). William (Bill) Thomas – CFO, Director • Senior manager with a 30 year career in finance and accounting for the natural resource sector. • Held senior management positions with Kerr McGee Corporation China, Hana Mining, Maxus and Denison Mines. • Chartered Accountant from University of Toronto, Canada. Simeon Horton King – VP Geology, Director • Petroleum geologist with 30+ years experience and involved with Mainland since 2008. • Broad experience in exploration and development of aggressive drilling programs for private enterprises in SW US. • Very active in development of Hosston and Cotton Valley trends in N Louisiana and E Texas. Gerry Jardine – Director, Investor Relations and Corporate Finance • Corporate finance and administration expertise serving as director and officer of TSX, NASDAQ, and OTC companies for over 30 years. • Provides consulting on funding, investor relations, administration, and corporate governance to Mainland since 2010. Peter G. Wilson – VP Business Development, Director • Business executive with 17 years Capital Markets experience. • Extensive international finance assignments with Canada, USA, United Kingdom, Switzerland and Norway based investor groups. • Past President and Director Hana Mining Ltd, $360 million market cap Copper/Silver exploration company (HMG-TSX-V).Mainland Resources Inc. 5
  6. 6. BUENA VISTA PROJECT - Mississippi -
  7. 7. Prolific Gas Producing Region  The Buena Vista structure is located in the prolific Gulf Coast Salt Basin - On trend with all Haynesville/Bossier shale gas discoveries  Chevron drilled a well in 1981 to 22,000 feet that confirmed enormous pressure, an over-thickened Bossier/Haynesville succession with elevated gas readings throughout - Pressure data up to 20,000 psiMainland Resources Inc. 7
  8. 8. Prolific Gas Producing Region – Buena Vista on Strike with Major Fields  Buena Vista sits along the prolific Jurassic Bossier trend - Characterized by numerous giant Bossier/Haynesville Fields Buena Vista Map Source: Shale Energy: Developing the Haynesville – Mergers and Acquisitions Support Sustained Haynesville Drilling, Pramod Kulkarni, World Oil, June 2010Mainland Resources Inc. 8
  9. 9. Milestones Accomplished – Buena Vista Developments Preliminary Technical Assessment  Geophysical mapping of the structure and prospect area - Reprocessed available seismic data, new maps created  Analyzed available rock data from the 1981 well - Accessed and sampled cuttings data from the 1981 well through the shale succession - Completed Rock Eval pyrolysis, XRD, thin section work to assess mineralogy and geochemistry  Petrophysical Shale gas analysis completed by Schlumberger to assess Gas in Place Buena Vista Asset DEPTH IN Acreage Acquisition FEET  Locked up all acreage associated with the -19250 -19375 prospect (both on structure and flanking) -19375 - Combined assets through merger with -19500 American Exploration -19500 -19625 Drilling Program 1981 Well -19625 -19750  Drilled a 22,000 ft. well offsetting the original NEW WELL -19750 1981 CP Long Well -19875 - Logged & cased in 160 days for $9.7 MM -19875 -20000 -20000 MNLU LEASE -20125 17,800 Acres+ -20125 -20250Mainland Resources Inc. 9
  10. 10. Buena Vista Structure Well defined “Turtle-back” structure with good four-way closure • Seismic and well data provided evidence in support of fracturing and faulting 1981 Chevron Well Fractures From Log: f1 to f33 Line: 2508-ME-6Mainland Resources Inc. 10
  11. 11. Buena Vista Stratigraphy  Comparison to other log profiles extending below the Knowles lime of the Cotton Valley to the Smackover - Buena Vista interval clearly fits profile, highly over-thickened 1981 Chevron Well General Stratigraphy Cotton Valley (Knowles Lime)1000 ft. Mainland Resources Inc. 11
  12. 12. Burkley-Phillips #1 Well Reaches TD Mainland successfully drilled a new well into the Buena Vista Prospect, in close proximity to the original 1981 Chevorn well  Drilled to a total depth of 22,000 ft.; reaching TD in December 2010  Core secured in the Bossier  Logged and cased Similar high pressure and temperatures were observed while drilling the well  Significant over-pressure encountered in overlying Hosston/Cotton Valley, including Knowles Lime, and continued through Bossier/Haynesville succession 1981 CP Long Well  Drilling mud maintained at 18.1 to 18.3 lbs/gal throughout Bossier/Haynesville Elevated mud gas readings  Spiking/Elevated readings with apparent porosity & fracture encounter New Burkley Phillips #1 WellMainland Resources Inc. 12
  13. 13. Buena Vista Prospect, Mississippi – Comparison to Other PlaysBuena Vista, Mississippi Prospect1 Amorusa East Texas Deep Bossier2 NW Louisiana Haynesville Shale3 Depth: 19,800’ – 22,000’*  Well Depth: 16,000’ – 19,000’  Depth: 11,660’ – 12,020’ Section thickness: +2,000’*  Section thickness: ~2000-3000’  Section thickness: ~360’ Pressure: +20,000 psi  Pressure: 15,800 psi  Pressure: 8,000 psi Temperature: 360-418°F  Temperature: 360-400°F  Temperature: 275 - 320°F Frac: Multistage  Frac: Multistage  Frac: Multistage 10 Well Type: Vertical  Well Type: Vertical  Well Type: Horizontal Avg IP Modeled: 19 MMCF/Day  Avg IP: 20-25+ MMCF/Day  Avg IP: 5-30 MMCF/Day+ Highest IP: unknown  Highest IP: 60+ MMCF/Day  Highest IP: 30+ MMCF/day Stacked Pay: Yes, 3+ zones  Stacked Pay: Yes, 3+ zones  Stacked Pay: Yes, 3+ zones High Porosity Sands: Yes  High Porosity Sands: Yes  High Porosity Sands: No Abnormally pressured: Yes-High  Abnormally pressured: Yes-High  Abnormally pressured: Yes-Mid Frac Specialist: S Schubarth  Frac Specialist: S Schubarth  Frac Specialist: Haliburton/Fractech* (no bottom found, TD still in Bossier/Haynesville)1Source: Mainland management and American Exploration Corp.2 Source: EnCana.3 Source: Mainland management based on the Griffith 11-1 well.Mainland Resources Inc. 13
  14. 14. Burkley Phillips #1 - Core Successfully Secured –Independent Evaluations Obtained  A core was successfully cut from 20,415 to 20,435 feet measured depth - Cut within a “typical” middle to lower Bossier interval - Rock properties and mineralogy well suited to shale gas development • No swelling clay issues, thermally mature  The core enabled quantitative measurements and comparisons to other Bossier producing wells  Third party independent evaluation by Core Labs Core adjusted depth Burkley-Phillips #1Mainland Resources Inc. 14
  15. 15. Buena Vista Prospect - Fractured Reservoir Large open fractures are observed in the cored interval, with various smaller fractures that are variably filled with carbonate cements ‾ Consistent with pre-drill observations and modeling Normal Bossier reservoir attributes within an enormously over-pressured environment, should enable very strong productivity potentialMainland Resources Inc. 15
  16. 16. Analog Data for Burkley-Phillips #1 – Buena Vista Prospect BASIC ROCK PROPERTIES  Data from the cored interval in the Burkley-Phillips #1 well (GRI Saturation) was reviewed by Core Lab’s Gas/Shale Consortium 1E-01 NA Gas Shales (GRI) 1865 Samples Haynesville (GRI) 1E-02 ‾ Objective was to identify to best analog from reservoir 1E-03 Haynesville Lime (GRI) Bossier (All, GRI) properties Effective Permeability, md 1E-04 Bossier (Middle, GRI) Burkley-Phillips #1 1E-05 ‾ Best analog was determined to be the Bossier in De Soto 1E-06 Parish, NW Louisiana 1E-07 ‾ Specific well coordinates held confidential (yellow star) 1E-08 1E-09  Initial production rate from the De Soto well was 13.7 1E-10 mmcf/day 1E-11 1E-12 - Reservoir pressure in this analog was 6,841 psi, with a 1E-13 much lower gradient relative to the Bossier at Buena Vista 1E-14 0 20 40 60 80 100 Water Saturation, percent BASIC ROCK PROPERTIES BASIC ROCK PROPERTIES BVW (GRI Method) 2.0 % (GRI Saturation) 1E-01 100 Haynesville 1865 Samples Haynesville Lime 1E-02 90 BVW 5.7 % Bossier (All) 1E-03 Effective Permeability, md 80 Bossier (Middle) Water Saturation, percent 1E-04 Burkley-Phillips #1 1E-05 70 1E-06 1865 Samples 60 1E-07 NA Gas Shales (GRI Method) 50 1E-08 Haynesville (GRI Method) Haynesville Lime (GRI Method) 1E-09 40 Bossier (All, GRI Method) 1E-10 Bossier (Middle, GRI Method) 30 1E-11 Haynesville (GRI, Kabs) Haynesville Lime (GRI, Kabs) 20 1E-12 Bossier (All, Kabs) 1E-13 Burkley-Phillips #1 10 1E-14 0 0 5 10 15 20 0 5 10 15 20 Total (Interconnected) Porosity, percent Total (Interconnected) Porosity, percentMainland Resources Inc. 16
  17. 17. Buena Vista - Gas in Place –Unconventional Shales (Deep Bossier) Gas in Place (“GIP”) has been assessed within the Bossier by both Core Labs and Schlumberger. GIP is a composite of both Free and Adsorbed gasFree Gas - Analyses suggest between 300 Bcf/section to more than 500 Bcf/section Adsorbed Gas - Adsorption Isotherm measurements were also taken from the cored interval • Suggest as much as several hundred Bcf/section (above the free gas calculated) If only free gas is considered for the Buena Vista Property, total gas volumes extrapolated across the pool could reach 14 TCF - At a 25% recovery factor, produced gas equates to 3.5 TCFIt should be noted that these amounts do not include the GIP associated with the Knowles Lime reservoiralso within the high pressure envelopeMainland Resources Inc. 17
  18. 18. Burkley Phillips #1 - Haynesville/Bossier Completion Fracing/completion has been performed throughout the Bossier and Haynesville succession Mainland has been working with Stephen Schubarth who performed much of the frac design work at Amoruso Using rock properties observed, reservoir conditions and the style of fracing, the size of an artificial frac can be predicted − Buena Vista calculates a 500’ half length Gas drainage can then be modeled from a single 500 ftfrac − Drainage reaches 1,000 ft. perpendicular to the induced fracture − Enables about 25%+ OGIP to be recovered − Initial Production rate of approximately 10mmcf/day from this target alone; EUR of 5.9Bcf/frac Natural fractures should increase the drainage area and therefore gas recovered beyond these amountsMainland Resources Inc. 18
  19. 19. Significant Upside 1 – Knowles Lime Schlumberger Petrophysical Analysis across Knowles Lime in the Burkley- Phillips#1 well - demonstrating good gas-filled porosity The Knowles Lime has demonstrated prolific productivity in recent years Published results from Gastar and EnCana suggest exceptional rates and EUR - Gastars best Knowles Lime well to date is the Lone Oak Ranch #3 (East Texas), drilled in late 2007, which had initial production of 9.4 MMcf/day EUR of 3.4 Bcf - In 2009, Encana made a significant discovery in the Knowles Lime in the vertical well bore A. D. Carr Well #1 (East Texas) from 40 net feet of high porosity Knowles Lime  produced 11.4 Bcf and 297,000 bbls condensate from July 2009 thru December 2010. Peak rate was 40 mmcf/d and the December 2010 rate was 16 mmcf/d Good porosity in the Knowles Lime also in the HP envelope at Buena Vista - Exceptional mud gas shows through the interval while drilling - 71 net feet of porosity within one 100 foot interval - Models 2 years average production of 4mmcf/day; EUR projected at 5 Bcf/wellMainland Resources Inc. 19
  20. 20. Significant Upside 2 – Conventional Sandstones The overall Bossier succession below the Knowles Lime consists of a series of stacked upwards shoaling events - Individually may be characterized by shales grading upwards into sandstones Petrophysical analysis suggests that some of these sandstones may possess significant porosity - One of these sands has up to 21% porosity (Independent Analysis) - More than 20 ft. in thickness Such sands have been seen in the Amoruso Field in Robertson County, East Texas which can produce more than 1 Bcf/monthMainland Resources Inc. 20
  21. 21. Buena Vista Project – Highly Profitable Opportunity 1981 Chevron well drilled to 22,000 feet confirmed basic reservoir data; - Over-thickened, more than 2,000 ft. extremely over-pressured gas bearing section New Burkley-Phillips well also drilled to 22,000 feet, TD’d December 2010 confirms Chevron well findings - Logged and cased, well awaiting completion; no frac-related environmental issues - Gas in Place exceeds 500 Bcf/section - Excellent open fractures observed; clay content good - Significant upside in Porous Sand andKnowles Lime additional zones Reservoir attributes derived from core analyses (Core Labs GRI) are consistent with other Bossier shale gas discoveries - Upside associated with 20,000 psi over-pressured reservoir environment - Directly on trend with EnCana’s Bossier gas fields along the Jurassic Bossier edge - Schlumberger and Core Labs provide independent estimates of gas in place 18,000 acres under lease; entire structural closure owned by Mainland with 92% WI and 75% NRI. Seismic confirms size of structure Financial Model reveals Multi TCF recovery, 225 well project, at 19MMCF/D projected IP implies 0.5 BCF/month initial production* - Using NYMEX strip pricing PV10 net value of $40.2 million per wellbore - aggregate PV10 value is $10.1 billion - Using $3/MCF flat pricing PV10 net value of $12 million per wellbore; - aggregate PV10 value is $2.7 billion *Amoruso completion specialist, derived IP estimates, declines, used in Economic analysis. Financial model available upon request with NDA. Mainland Resources Inc. 21
  22. 22. Financial Information - Mississippi -
  23. 23. Burkley Phillips #1 Well – Expected Initial Production Single Well Revenue Estimates on Production Burkley Phillips #1 awaiting Initial Choked Production Bossier Bossier completion cash flows estimated on initial choked production of 6 MMCF/day generates $454,000 monthly to Mainland assuming Gas Price $/MCF $ 4.50 $ 4.50 $4.50 flat gas pricing – Production starts this MCF/Day IP (Choked due to Pipeline capacity) 6,000 19,000 year. Days/Month 30.42 30.42 CO2 Content 2.704% 2.704% Gross Gas Sales/month $ 799,043 $ 2,530,304 Pipeline expansion based on well testing on Transport/MCF $ 0.40 (73,000) (231,167) completion could provide initial production of After Transport Gas Sales/month 726,043 2,299,137 19,000 MMCF/day or greater providing $1.4+ State Severance Tax (0.269/MMCF) and OS million/month of net cash flow to Mainland Restoration Fee ($0.003/MMCF) 6.7% (48,298) (152,943) from single well. After Tax Gross Gas Revenue $ 677,746 $ 2,146,195 Royalty Interests - Land Owners 25.0% (169,436) (536,549) Operating Costs/Month Initial transport and processing costs LOE/MCF $ 0.08 (14,600) (14,600) estimated at $0.40/MCF per estimates from Net Revenue per Month $ 493,709 $ 1,595,046 SEI gas marketing consultants (drops to Mainland Net Cash Flow per month on Choked IP 454,213 1,467,442 $0.28/MCF with increased infrastructure). Guggenheim Net Cash Flow per month on Choked IP 39,497 127,604 Company has 92% Working interest and Mainland WI 92.000% 92.000% average 25% royalty burden. Guggenheim WI 8.000% 8.000% Mainland NRI 69.000% 69.000% Guggenheim NRI 6.000% 6.000%Mainland Resources Inc. 23
  24. 24. Buena Vista – Play Development – Financial Modeling Values Modeling Assumptions Financial Model Outcomes  Wells drilled as follows: - After 3 years: 14 - After 5 years: 44 Exit Multiple Valuation: Assuming or sales price equal to (an - After 7 years: 102 exit multiple of 5x EBITDA at the end of any year plus cash on  Gas Price Deck: NYMEX Strip hand at the end of any year less LOC), the value of Buena  Well Initial Production: 19,000 MCF/day comingling 3 zones Vista sold at the end of any year is as follows:  Productive Zones: Bossier, Knowles Lime, PorousSands - After 3 years of project development: $ 2.3 Billion  Production and Decline Base Line: S. Schubarth calculations and declines in conjunction with S. Harding - After 5 years of project development: $ 6.1 Billion  Well Cost: $13.5 million per well with 3-5 stage frac - After 7 years of project development: $11.8 Billion  Well Gathering and Transport costs: $0.30/mcf (post pipeline build out)  Well LOE: $10,000/month + 3% pa for 5 years  Gas Volume Shrinkage: 2.704% of gas volume PV10 Well Valuations: Assuming a discount rate of 10% per  Total Acreage and wells: 18,000 acres in play, 80 acre spacing, 225- annum on annualized cash flow of each well over a 20 year 250 total wells. term, and based on 225 total wells in the play, an aggregate  Development Funding: Total of $20 million in funding from equity PV10 value of $9.5 Billion producing an aggregate of over 3.6 plus Revolving LOC for required capital (at TCF gas recovered. Each well returns 6.5x cash on cash 1 yr LIBOR rate +4%) return and yields 16.1 BCF of gas.  Royalty Burden: 25%  Working Interest to Mainland: 92%  Interest Income: 2% pa Asset and Cash Generation Valuations: Total projected  Monthly Mainland G&A: $123,667 increased by 3% annually assets in the 10th year of project development (2020) are $5.6+  Aging of receivables: 15 days billion. Over the 9-10 years of development, the model produces gross revenues of $10.2 Billion, EBITDA of $9.3  Aging of payables: 30 days Billion, and Net Income of $5.6 Billion (net of federal taxes at  Mississippi State Tax Rate: 3.5% of gross gas revenue 35% and non cash DD&A of $2.8 billion).  US Federal Income Tax Rate: 35% of before tax earnings  Total wells drilled in 10 years: 225 Pipeline purchased by Mainland: $160 millionMainland Resources Inc. 24
  25. 25. High Return Investment Opportunity4-6 months to Cash Flow Positive and Gas Field Discovery Proof of Concept- Production imminent: estimated $1.5 million/month net cash flow potential from Burkley Phillips #1 well- Completed and producing Burkley Phillips #1 well initiates proof of concept of large gas field discovery- Third party accredited consultants confirm 300-500+ BCF/section free gas in place – Schlumberger and Core LabsSignificant and Immediate Earnings Potential- 4 TCF estimated recoverable, 225 well potential, 92% WI; $11.3 billion estimated potential after tax cash flow- Corollary to LEOR Amorusa Project sold to Encana for +$ 2.5 Billion after only 14 wells drilledShare Structure Works; Investor Has Low Share Price Entry Point- Earnings potential in the billions enhances share price valuations- Large public float 6000+ investor distribution - proof of concept at a tipping point upon Burkley Phillips #1 well completionLarge Industry Partner- Guggenheim Partners LLC – 8% working interest minority partner in Buena Vista acreageIndustry Timing is Right- Gas is green; oil prices high; gas futures prices increasing- Solar and wind waning due to state of technology and high capex/return ratio, nuclear unattractiveCompany has Proven Track Record- With only $5 million total equity investment – sold Haynesville asset with a cost basis of $800,000 for $28 million to EXCO- Now have an Buena Vista asset with potential value in the $ billionsMainland Resources Inc. 25
  26. 26. Mainland Resources Inc. 21 Waterway Avenue, Suite 300 The Woodlands, TX 77380 281 362 2861 Investor Relations Gerry Jardine, Director (877) 662 3668 website: