Wold Oil Properties, Inc. (WOPI) is a privately-owned, independent exploration and production company headquartered in Casper, Wyoming. The Company also maintains an office in Denver, Colorado, as well as field offices near Riverton, Baroil, and Lusk, Wyoming. Wold owns an interest in and is operator of over 170 wells and two gas sweetening plants located in 20 fields throughout Wyoming. It is directly responsible for all activities relating to oil and gas leasing, production, exploration, drilling, marketing, and record accounting of these assets.

John S. Wold, former United States Congressman for Wyoming and the first geologist to serve in the United States Congress, founded the Company in the early 1950s. Today the Company is owned and managed by John's sons, Peter and Jack Wold. The Company currently employs 15 people in the Casper office and 12 men in its field offices. Jack Wold manages the Denver, Colorado office where the company maintains a visible presence in the Denver exploration community.

WOPI is a completely integrated oil and gas company. Wold exploration personnel are responsible for all geological and geophysical programs in which the company is involved. All land issues including permitting, leasing, records, and negotiations with partners and governmental agencies are conducted out of the Casper office. The engineering department is responsible for the drilling and completion of all wells, pipeline construction, and product marketing. The field staff is responsible for maintaining the producing assets, from well workovers to plant maintenance. The accounting staff includes three CPAs and provides for accounts receivable, accounts payable, payroll, revenue, cash management and product hedging.

In addition to the WOPI personnel in the Casper office, John S. Wold's current companies, Wold Trona, Wold Talc, and GasTech, also share the office space. Mr. Wold is still very much involved in the mineral industry and provides valuable insight with regard to mining and mineral extraction. In addition to the oil and gas and mineral activities of the company, another subsidiary maintains a 35,000-acre working cattle ranch along the foothills of the Big Horn Mountains. These companies are actively involved in all aspects of natural resource management.

Oil and gas exploration and production efforts have focused over the years on Wyoming and neighboring states. Wold has primarily built its reserve base through the acquisition and enhancement of producing properties from major U.S. oil and gas companies including Amoco, Kerr-McGee, Conoco, Chevron, Exxon and Santa Fe Energy. The company operates close to 90 percent of the properties in which it has a working interest, with current production averaging 1,600 BOED. Production is roughly split between oil and natural gas. The company closely monitors commodity prices and moves quickly to shut-in production or increase production depending on oil and gas prices.

Historically, exploration activity has focused on Wyoming basins. However, the company has recently expanded its efforts to include the Nebraska Panhandle and southeast Asia. The company feels that its unique geographic location gives it a strategic advantage as opposed to companies located outside the state. This is our back yard. WOPI is currently pursuing exploration plays in the Greater Green River, Wind River and the Big Horn basins of Wyoming.

The leasehold position of Wold Oil Properties, Inc. contributes significantly to operations of the company. Wold owns more than 60,000 acres of HBP (held by production) lands and over 250,000 gross acres of federal, state and fee oil and gas leases in Wyoming. The Wold exploration staff monitors the leasehold position daily and is continually evaluating and developing prospects on these lands for investment opportunities.

Examples of current domestic projects the company is working on include:

1. Participation with McMurry Oil Company in the over-pressured zone of the Antelope Arch west of Lost Soldier oil field. The 10,000-acre leasehold position has tremendous Cretaceous Frontier Formation gas potential at 14,000 feet. Possible reserves are in the 250 BCF range.
   

2. Participation with Fidelity Exploration and Production Co., a subsidiary of Montana Dakota Utilities, in a 350,000-acre shallow Eagle sand gas play in southeast Montana.
   
   

3. Wold serves as operator and is the largest interest owner in the Riley Ridge Federal Unit on the Moxa Arch in southwest Wyoming. The company has participated in the drilling of three 8,100-foot Frontier Fm. tests. The prospect contains 72 potential locations with over 260 BCF of recoverable gas on approximately 15,500 acres.
   
   

4. The detailed geologic mapping of 30-plus townships (1,000 square miles) has developed multiple J-Sand prospects in the Nebraska Panhandle. By generating this play in-house, the company not only gets multiple exploratory wells drilled, but also receives the benefit of promoting industry partners.
   
   

5. The Company owns the Mahoney Dome oil field in south-central Wyoming that appears to be an excellent candidate for a CO2 tertiary flood program. The University of Wyoming and PacifiCorp, a large electric utility, are collaborating in a study to determine the merits and feasibility of CO2 sequestration along with the likely enhancement of oil production in the field.
   
   

Wold Oil Properties, Inc., is a 65 percent owner and managing partner in Ramu Rombebai, LLC (Ramu). Ramu is a privately owned and financed exploration company focusing on overseas oil and gas plays, principally in southeast Asia. When Ramu was established, the decision was made to concentrate on energy projects in Asia where the demand is growing and opportunities exist for independent operators.

With this in mind, Ramu has acquired a large on-shore concession in Irian Jaya, Indonesia. The concession has 1.5 million acres and extremely attractive terms for a foreign exploration program. Ramu is geologically driven and only takes on projects if they meet strict geologic criteria. This concession has been turned to an Indonesian drilling company that plans to drill one and possibly two wells this summer. Wold will be carried through the drilling of both wells.

There seems to be a shortage of good domestic oil and gas prospects today. Wold Oil Properties, Inc. has a tremendous team of talented explorationists (see résumés) that are anxious to create prospects and bring partners together for mutual benefit.