1. Guatemala A-2-91 and A-3-91

The Company became interested in this NE corner of Guatemala Blocks A-2-91 and A-3-91 after securing seismic data on the adjoining block in NW Belize. It was learned that there is a Graben in Belize extending into Guatemala with sediment thickness in excess of 30,000 feet. This may be one of the best places in the world to look for large accumulations with the Bay of Campeche side of the North Peten basin proving up in excess of eighty billion barrels of reserves. There is aeromag data and 350 kilometers of seismic data that has identified three large structures.

 

2. Guatemala A-4-9l

Block A1-91 is a former Amoco block that has had $19,000.000 plus dollars spent to date on seismic acquisition and prospect development. Amoco proposed a 12,000 foot test on a structure with 400 to 600 million barrel potential before the discoveries in Mexico adjacent to the block`. There are eight to ten huge thrust fault structures that may be salt cored anticlinal features. They appear to be a continuation of the Chapayal Basin structures that have been so prolific in Mexico.Pentagon has taken in a farm-in partner. Triton Energy Corporation of Dallas Texas. Triton was credited with the billion barrel Cusiana field discovery in Columbia.

 

3. Guatemala A-1-9

Pentagon has recently been awarded an additional 640,000 acres on the western border of Guatemala, on trend with the prolific (Chiapas Basin discoveries of Mexico. The acreage is less than 15 kilometers northeast of Mexico s Lancantun field. An agreement has been signed with Mexpetrol of Mexico City whereby the Company retains a 7.5 % net profit carried interest in the block. This will require no additional expenditure on the part of the Company.

4. Guatemala A-3-92 (Las Casas)

During the early part of the 1 980’s, Getty Oil Company undertook a seismic and exploratory drilling program on the Las Casas Block};  (Block; BB).

 

L as Casas Well No. 1 Guatemala   1995

As per Getty’s exploration agreement with Guatemala five wells were drilled within their exploration licenses. Of these, two wells the Las Casas No. IX and the Huapac No. 1. had major oil shows within units of the Coban D and C zones. A recompletion was attempted on the Las Casas No. IX well during 1989. Approximately 80 feet (of a possible 577 feet) of oil zone was perforated. The well was treated with only a minor acid wash . Swab testing resulted in an estimated 500 BOPD of 40 API. gassy low sulfur oil. No formation water was produced during testing. During completion operations the rig used for re-entry was burned up in a fire which was the result of the working pits igniting. The well is presently shut-in. Mexpetrol is operator of the license in which the Company retains an interest.  An independent engineering evaluation was completed on the Las Casas No. I in January of 1993 by Neil Hinze, Consulting Petroleum Engineers of San Antonio.They gave the Las Casas:

Total oil in place of                                                                141,655,000 BBL.

Total recoverable                                                                   42,496,000 STB.

An independant engineering evaluation is currently being completed on the Haupac No. 1. Preliminary figures show approximate oil in place as 100,000,000 barrels.