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Recently Completed Well Producing 100+ BOPD

Whitehawk Energy is currently seeking industry partners interested in acquiring proven production in North Central TX. In October 2009, the company and our partners recently completed the Browning #1 (API # 42-337-34192) in Montague County and is currently unloading frac fluid and expected to come online producing 100-150 BOPD and some associated gas. The well is 9,100' TVD and cost $1.5MM to complete. The assignment of 50% WI/37.5% NRI of the Browning #1 well will be a non-operated position preferably. The well is estimated to contain proven reserves of 150K BO & 250 MMCFG based on log data and surrounding well control by EOG Resources. The company's assets include two (2) 1,000HP drilling rigs and all associated equipment and personnel, 1,200 gross acres of mineral leasehold located in North Central Texas. Third-party engineering to be conducted by Ron Clarke, former VP of DeGolyer & MacNaughton showing PDP/PDNP/PUD reserves after 6 months of production. Behind pipe reserves in the Strawn, Caddo and Conglomerate formations with wells nearby producing up to or more than 100K BO from each additional payzone. Looking to sell production immediately to fund direct offsets. Willing to give rights to participate and if production comes online less than expected, more interest in the well will be allocated to the purchase to compensate for the reduction in daily production estimates.