Livingston

The Livingston Leases comprise two leases covering approximately 214 acres.  The leases contain surface processing facilities and are adjacent and overlay the existing Stanley Project.

Whilst the Livingston wells are currently producing only a modest amount of oil, Mosman believes there is re-development potential in the various zones covered by the lease. Similar to other East Texas projects there is a royalty of 25% and normal state severance taxes.