Intrepid Drilling Logs Additional Pay

Intrepid Drilling has drilled to a total depth of 13,357 feet and has logged additional pay in our Alvin Pierce #1 Well in Lafourche Parish, Louisiana and discovered an additional Tex W-9 sand at 13,257 feet with approximately 24 feet of net pay full to base. A rough estimate of reserves would be 24 feet x 200 acres x 500 barrels per acre foot = 2.4 million barrels for this sand in addition to the 35 feet of net pay discovered in the Tex W-7 interval. We have concluded that we have the potential for 2+ million barrels in the Tex W-7, a productive gas/oil sand in the Tex W-8, and 2+ million barrels in the Tex W-9.