By drilling the well Nuenco will acquire a 25% working interest in a 2,560 acre block immediately of the south of the giant Lost Hills Oil Field in California’s San Joaquin Basin.
Once the results of Jack Hamar-1 are known Nuenco has the option to earn a 25% working interest in an adjoining 2,560 acre block through the drilling of another well in that block to double the company’s working interest in this area.
Participants in the Jack Hamar-1 well joint venture are Nuenco 25%, Nahabedian Exploration Group 25%, Matris Exploration Company 25% and Orchard Petroleum Inc 25%.
