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Gulf of Mexico (shallow shelf-approximate water depth <200ft) 3-D seismic driven prospects, both operated and non-operated.
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Operated prospects generated in-house through 3-D seismic focused only in areas where there is adequate infrastructure to provide timely hook-up and product sales. Typically these prospects will be sold to other partners to allow Rooster to be reimbursed on out of pocket costs and be "carried" for an average 25% working interest to casing point.
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Non-operated projects that Rooster would participate in will follow the same basic criteria as operated projects through our proven infrastructure and economics. These types of projects will in most cases be promoted to Rooster. Interests would range from 10-25% to help balance the portfolio.
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South Louisiana Coastal Areas would tie to our active search for undervalued properties in the South Louisiana area. We would look primarily at third party ideas in an area that is not receiving a great deal of drilling pressure. These could be operated or non-operated projects.
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Texas/Louisiana Areas are the areas in which the management team and technical staff of Rooster have the most extensive experience. Due to the recent increased activity in these areas, we feel that the return on investment in not nearly as attractive as other areas. However, if an attractive deal should become available, or an opportunity to partner with an operator with a proven track record should present itself, we will be prepared to evaluate and determine the merit of the prospect.
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