The company's operator, Pecos Production, on the Lago prospect, New Mexico, spudded the Fort 21 No.1 well on 7 May 2003 and has reached a depth of 450 feet. It is expected to take 45 days to reach the target depth of 13,900 feet.

The primary objectives are at Atoka at 12,350 feet, Morrow at 13,300 feet, with a secondary objective being Mississippian at 13,500 feet.

The operator on the Chickasawhay prospect, Mississippi, has also notified the company directors that the Tanner 14-9 No. l well is expected to be spudded on 21 May 2003. The proposed target depth is 14,800 feet to test the Cotton Valley formation. The operator is Phillips Engineering Inc.