On April 2, 2007, Unbridled Energy purchased a 50% working interest (“WI”) in 13,280 gross acres, in the State of New York. This property, with modest production, was primarily acquired to develop proven and probable undeveloped unconventional natural gas reserves in tight gas sand and shale reservoirs. 

During Unbridled’s first month of management, the property produced an incremental 25% gas volume.  The Company has also completed 9 of the 11 initial well workovers discussed in previous releases and will provide a production update after all the wells are in line for a few months. The remaining two workovers are expected to commence promptly. 

Reserve estimates established by Schlumberger Data & Consulting Services (“Schlumberger”), an independent qualified reserve estimator, are in excess of 31 billion cubic feet (“bcf”) net to the Company of P3 (proven probable possible) reserves  It is Unbridled’s intention, as operator, to apply the latest proven technology to develop this reserve base.

Management is on track to complete a field-wide geologic, reservoir, completion, and stimulation study during the first week of August 2007. These studies will establish the most effective technology for the ongoing development of these reserves and the best location for the first group of new wells. The Company has started the process to secure a drilling rig to commence drilling 8-12 new wells in Q4.

Specifically, as operator, it is Unbridled’s intention to: 
1.   identify re-completion potential in the existing producing reservoirs,
2.   identify behind pipe reserves,
3.   establish infill locations, and
4.   high grade proven, undeveloped locations for the fourth quarter (“Q4”) drilling program.

On other developments to improve long-term production from the property, additional gas sales outlets have been identified and will be tapped to provide alternative production outlets. In past years, some or all of the gas production from the property was shut-in for many weeks annually during repairs to the sales pipeline system and compressors owned by a third party gathering company. To resolve this issue, the Company is securing other sales outlets as a means to address shut-down periods which, in turn, could improve yearly production by up to 10%.