Champion Project

Mosman has acquired a 60% working interest in the 240 acre Champion Project, which includes the previously identified Falcon and Galaxie prospects.

The Champion Project located in East Texas and has several potential drilling locations identified using the same 3D seismic techniques as the Stanley Project.  

In accordance with the Agreement, Mosman has a 60% working interest in the Champion Project and will pay 80% of the first well.  This well has an estimated cost of USD700,000 to drill and complete.  Baja has a 30% interest and will pay 10% of the well cost.  Contour Exploration & Production LLC which is owned by Howard McLaughlin, Mosman's US manager,  has a 10% interest and will pay 10% of the well cost.  In addition to Falcon, there are several other prospects in the project area that have been mapped by Baja using 3D seismic.  These include Galaxie, Durango, Corona East and Corona West.