Hathaway LLC acquired the Northeast Edison Field in January of 2010.
The lease was in a state of disarray and had 10 idle oil wells on the property and 1 water supply well.
During 2010 we successfully re-activated all 10 oil wells on the lease, made the necessary repairs and additions
to the facility and completed our first cyclic steam job on one of the wells. We have also closed negotiations
with the adjoining mineral rights holder and activated the adjacent 7 idle oil wells.
We have been very encouraged by our first steam pilot and with natural gas close and ample
water supply on the property we believe this lease can so very well with a well-engineered cyclic steam project.
The company has plans to actively cyclic steam the
property in 2012.