PROPERTIES...

As of December 31, 2009, Premier has successfully closed on four acquisitions in the Permian Basin of West Texas and New Mexico, and the Texas Gulf Coast. The company currently owns properties in the 11 fields as shown in the map below. Premier operates all of the wells, with an average 90% working interest. On a gross basis, production is split approximately 40% oil, and 60% gas. All production is from moderately shallow depths, ranging from West Texas Grayburg production at 1600 feet, to Gulf Coast Wilcox production at 10,000 feet. Premier has initiated workover programs in several of the fields, partnered in the drilling of three wells, and inventoried upside potential on all of the properties.