Prior to the formation of Greystone Petroleum LLC and its development of Sligo Field, located in Bossier Parish, Louisiana, Michael Geffert and Joe Bridges drilled and completed over 200 wells in Lower Cretaceous and Upper Jurassic reservoirs in the Ark-La-Tex area. Though these were primarily Hosston wells located on turtle structures in the North Louisiana Salt Basin, their experience in mapping, drilling and completing the Rodessa, Pettit, Hosston, Cotton Valley and Smackover reservoirs led them to the observation that completion procedures followed by Pennzoil and other operators at Sligo Field left many gas charged reservoirs either behind pipe or bypassed below packers and cast iron bridge plugs.

The productive limits of Sligo Field cover an area that is approximately five miles wide and eight miles long. A detailed correlation of over sixtynine reservoirs in the field along with a careful evaluation of past production and remaining PDP reserves revealed that although Sligo field had produced over 500 BCFG from the Hosston formation, it still contained an additional 500 BCFG of behind pipe and proved undeveloped reserves. Similarl calculations indicated that the Cotton Valley formation had also been under evaluated and had also been prematurely abandoned.

The field wide decline curve seemed to indicate that Sligo Field was near depletion. However, through detailed reservoir evaluation work, as well as drilling, completion and remedial operations, Greystone was able to substantiate remaining reserve levels and revitalize the field, increasing production from 9.5 MMCFGPD to over 61.0 MMCFGPD at the date of sale with net reserves of approximately 237 BCFG to 444 BCFG.

Greystone Petroleum LLC was formed in April, 1995. Geffert and Bridges then spent one year evaluating the reservoirs at Sligo Field and six additional years attempting to purchase Pennzoil’s interest in the field. In March 2002, Greystone purchased this interest from Devon Energy Corporation for 131 million dollars. The field was sold in June 2004 for an asset sale equivalent to 475 million dollars.

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