FALCON NATURAL GAS (OTC:FNGC)
Industry: Basic Materials
Falcon Natural Gas Corp., incorporated on December 7, 2001, is engaged in natural gas exploration activities in St. Mary Parish, Louisiana; Starr County, Texas; DeWitt County, Texas; Beauregard Parish, Louisiana; Jeff Davis Parish, Louisiana, and Live Oak County, Texas. The Company is in the exploration stage and does not offer any products or services for sale. The Company plans to produce natural gas and sell it at its wellhead. The Company's original business plan was to develop an online equestrian lifestyle magazine for the amateur rider and horse owner by filling the gap between horse care and lifestyle considerations. The Company changed its name from Countryside Review Inc. to Falcon Natural Gas Corp. effective April 12, 2004, in contemplation of the acquisition of Falcon Natural Gas Corporation. The Company acquired from Argyle Energy, Inc. (Argyle) oil and gas leases that entitle it to a 100% net working interest and a 70% net revenue interest in five tracts of land consisting of an aggregate of approximately 800 acres located in Starr County, Texas (Starr County Property). The Starr County Property is in close proximity to the Bob West gas field located in the Southeastern part of the State of Texas. Falcon entered into a letter agreement with Argyle to acquire various oil, gas and mineral leases located in St. Mary Parish, Louisiana. The Company refers to the 100% working interest and the 70% net revenue interest in oil, gas and mineral leases that it received from Argyle covering the acreage of land located in St. Mary Parish, Louisiana as the Wyandotte Property. On April 25, 2005, the Company entered into an agreement with Blue Ridge Energy, Inc. (BRE) respecting BRE's performing the duties of an operator and otherwise managing all typical drilling, completion and production operations conducted on its Wyandotte property. On October 1, 2005, the Company entered into oil and gas well participation agreements with each of Blue Ridge Group, Inc. (Blue Ridge) and Bayou City Exploration, Inc. (Bayou City). On November 28, 2005, the Company entered into a participation agreement with Southern Resource Company (Southern), a Texas corporation, effective as of September 1, 2005, with respect to its acquisition from Southern of undivided interests in and to certain oil, gas and mineral leases in DeWitt County, Texas; its participation with Southern in additional oil, gas, and mineral leases within the target area, and its participation in the drilling of one or more wells in the target area. During the period December 2005 through March 2006, the Company entered into various participation agreements on low risk wells to establish positive cash flow and increase its asset base. These participation agreements include Peccan Station North Prospect, Hollins Prospect, Brookshire Weido Prospect, Norman Prospect and South Wilburton Prospect. In March 2006, the Company entered into a participation agreement with Edwin S. Nichols Exploration, Inc. (ESN) respecting the Company's participation in the re-entry, attempted re-drill and completion of up to three wells on the Pecan Station North Prospect located in Tom Green County, Texas. In March 2006, it entered into a participation agreement with ESN respecting its participation in up to three wells (Initial Wells) intended to be drilled on the Hollins Prospect located in Nolan County, Texas. On December 22, 2005, the Company entered into a participation agreement with Stanotex, LLC respecting its participation in the drilling and completion of a test well on the Brookshire Weido Prospect located in Waller County, Texas. Effective January 30, 2006, the Company entered into a participation agreement with Vincent Oil and Gas Corp. (Vincent) respecting its participation in a test well to be drilled by Vincent on the Norman Prospect located in Bee County, Texas. The test well is intended to be drilled to a vertical depth of approximately 14,900 feet to test the Wilcox sand formation. On March 21, 2006, the Company entered into a participation agreement with Whitmar Exploratio
As Of: 10/07 00:00 ET
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