HISTORY OF COMPANY PROJECTS

The company´s early success in Tennessee corroborated extensive pre-drilling evaluations. Before selecting drill sites, the company commissioned high tech satellite remote sensing with stereo pair high altitude photography, covering Morgan and Overton Counties. These were combined with surface and subsurface geological studies, plus three dimensional seismic studies and ground surface radiation surveys. Finally, data was analyzed using sophisticated computer modeling. While the modeling predictions were promising, the biggest test remained because, as the oilpatch maxim goes, oil is where you find it. The company proceeded to acquire acreage and drilled 21 test wells. This testing program was financed entirely by the company, without investor participation. Three dry holes were drilled; the rest found oil and gas, showing calculated reserves of 130,000 barrels of oil and 2 billion cubic feet of gas. Market value of the oil and gas reserves under the test program exceeded $9,000,000.00 at average market prices at the time.

Pryor Oil Co., Inc. drilled and completed numerous prolific oil and gas wells in Eastern Tennessee. The company was successful at finding oil that others overlooked. Pryor Oil used well designed and engineered completion methods to produce more barrels of oil in place than had previously been accomplished in the area by other operators.