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Piedra Offers Oily West TX Wolfberry Assets

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February 15, 2011

Piedra Resources LLC has retained RBC Richardson Barr to sell certain Wolfberry assets in the West Texas Permian Basin.

The package includes an average 95% working interest in proved operations on approximately 5,890 mostly contiguous net acres in Glasscock and Midland counties.

Production for March is projected to be 650 barrels of oil equivalent per day from 18 Wolfberry wells. Proved reserves are 18.5 million barrels equivalent (70% oil, 9% proved developed producing) and proved, probable and possible resrves are 26.9 million barrels equivalent. Monthly cash flow for March is ...

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