* Progress achieved across all three areas of the Company's project portfolio which has a P1 PV10 of US$47.6million
* Horizon Project in Osage County:
* + First fracture stimulation at the Big Hill 1H-12 ("Big Hill #1") well expected to commence in the week beginning 18 March 2013 - preparation milestones met with necessary water volumes being procured locally
+ Second fracture stimulation targeting the Big Hill 2H-12 ("Big Hill #2) well to follow Big Hill #1
+ Burkhart #1 has reached target depth of 4,226 feet and intercepted oil shows in multiple objectives. Evaluating completions in Viola and Mississippi Lime formations
+ Solid progress on Little Drum unit workover programme - completion of salt water disposal pipeline system expected in next 30 days to substantially lift oil and gas production rates
* Bird Creek Project in Osage County:
* + Bray #1 well has successfully reached target depth of 1,820 feet with good oil shows across 10 feet of pay from 1,704 to 1,714 feet
+ Keese #1 well being permitted with drilling expected to commence in the next four weeks
+ Better of these two wells to be completed as producer and second well as a salt water disposal well
* DeAgua Project in Woods County:
* + Completion of salt water disposal well to service the Busse #1H and the Bouziden #1H-17 with production expected to commence in April 2013
Most people will have done their own research enough to know the fracture stimulation of the Mississippian Lime wells in Oklahoma is expected to yield wells that have high initial oil production rates allowing for a relatively significant early cash flow from newly fracced wells and a quick payout cycle. When combined with the cash flow from existing production,this provides the funds necessary for NCT’s plans. NCT’s Oklahoma leasehold position has the potential for significant upside through expansion and continuation of the drilling program as well as through the Osage County options and through NCT’s plans to increase its ownership percentage in Woods County
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