Pryme Oil & Gas (PYM)

Shares / Stock Code

PYM

Stock Exchange / Sharemarket

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Pryme Oil and Gas (PYM) specialises in the exploration and development of oil, natural gas and coal bed methane. PYM has a particular strategic focus in the exploration and production of oil and natural gas throughout North America. Pryme Oil and Gas Limited acquires, upgrades and expands proven and trend-related onshore oil and gas resources in the southern United States. With access to lucrative projects and partnerships in the region, Pryme is well positioned to develop additional oil & gas reserves and significantly increase revenue and operating income in the near-term.

The Company is listed on the Australian stockmarket (ASX) on 21 April, 2006 . And trades American Depositary Receipts (ADR's) on the International OTCQX electronic premium market tier in the USA (stock ticker: POGLY).

By establishing a wholly-owned subsidiary in the United States, Pryme is able to quickly and effectively seek out and assess exploration opportunities in the U.S. Gulf Coast region with key members of the management team and its partners.

Pryme Oil and Gas' principal operations are centered in Louisiana and Mississippi, including The LaSalle Parish Project, Turner Bayou, The Raven Project, The Atocha Project, Four Rivers Project and Catahoula Lake Project. Its subsidiaries include Pryme Oil and Gas Inc, Pryme Energy LLC, Trident Minerals LLC, Pryme Royalty Holdings LLC and Pryme Mineral Holdings LLC.

RAVEN PROJECT

The Raven project covers mineral leases in the prolific Cotton Valley and Hosston natural gas trends in Lincoln Parish, Louisiana. The project exists along a natural gas fairway of Cotton Valley marine bars which represent the exploration targets.

The producing life of the Cotton Valley and related intervals is quite long, normally around twenty years. Cotton Valley gas typically has a high Btu content and both light oil (condensate) and gas are often produced from the same formation. Raven differs from Turner Bayou in that the Cotton Valley formation covers many hundreds of square miles and is regarded as an “engineering play.” The exploration objective is to achieve the trend average of production (which has been established over a number of years of gas production from the productive formations) over a number of wells. The geological risk is limited to finding the parts of the Cotton Valley formation that are most permeable.

Further participation in drilling wells throughout the Raven Project has been suspended by Pryme. Pryme Oil and Gas has a good mineral acreage position in the Raven project with each producing well holding a 640 acre section of minerals to all depths.