Petrolympic Ltd. has entered into a letter of intent (LOI) to form a joint venture with Energex Petroleum Inc. through which Petrolympic will acquire 50% indirect working interest in Energex's Michigan Properties.
The Michigan Properties consist of the Addison 12-05N-11E Field ("Addison") and Bruce Fields, DeWald 2-12 and Big Hand.
Addison is comprised of a 222 acres Silurian Pinnacle Reef with 4 shut-in wells, 1 injection well and an extensive oil battery on 5 acres. The wells have cumulative production of 447 MBBL and 2.5 MMCFG to date. An NI51-101 engineering report prepared by AJM Petroleum Consultants estimates 2.856 MMBBL in place with the 2P reserves of 81.2 MBBL and NPV10 of $2.8 million.