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 To further understand our strategy, it is important to know the difference between developmental and exploratory drilling. Exploratory wells are attempts to find new oil and gas fields, whereas development wells expand or more fully tap into a known oil or gas reservoirs.
Since we have the appropriate technology, we will explore. In time, our technology may become the industry standard, and the word "wildcat" may apply to non-radiometrcially surveyed drilling. All of our prospects are classified as exploratory in nature, but they are not "wildcat" since we have the radiometrics data advantage. Our prospects are separated geographically from existing oil and gas production, but they are not always separated geologically or radiologically. Therein lays the difference from "wildcatting."
With reserve prices going higher, the economics of exploration with radiometrics are compelling. We are reducing the finding costs and everything associated with the actual drilling and the completion risks. While there is a higher drilling risk associated with an exploratory well than with a development well, the reward potential with a successful exploratory well far exceeds the upside of any developmental well.
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