SWISH AOI Activity Update

Source: www.gulfoilandgas.com 1/28/2021, Location: Not categorized

Brookside Energy Limited is pleased to provide shareholders and investors with an activity update for our holdings in the SWISH Area of Interest (AOI) located in the SCOOP play in the world-class Anadarko Basin.

- Additional 80-acres (or approximately 9% of the unit) pooled in Jewell drilling spacing unit (DSU) at low cost
- Sustained production from nearby offsetting wells considerably higher than predicted by Brookside’s Jewell well type curve
- Drilling and completion activity increases in SWISH AOI adjacent to the Company’s Rangers DSU

Commenting on the announcement, Brookside Managing Director, David Prentice said:
“The performance of these two offsetting wells and the wells drilled in the general SWISH AOI confirms a material uplift from our conservative pre-drill estimates for the Jewell well.

“This will have a very positive impact on our previously reported 11,606,000 net barrels of oil equivalent (BOE) Prospective Resource for the SWISH AOI and materially increase the value of the well inventory we have established in the SWISH AOI.

“The quality of the reservoirs (Sycamore and Woodford) in the SWISH AOI is world-class and the recent uptick in drilling and completion activity is evidence of the high rates of return that are generated even at today’s strip price.”

Brookside is pleased to announce that it has successfully pooled the 80-acres “held by production” (HBP) associated with the Mitchell Well at very low cost. This pooling, which amounts to approximately 9% of the Jewell DSU, also extends to the Jewell well for no additional cost to Brookside. This is a significant add to Brookside’s already large controlling working interest in the Jewell DSU.

The Sycamore and Woodford formations continue to deliver outstanding sustained productivity in nearby offsetting wells. In the Sycamore formation the Casillas Operating, LLC. operated Flash 1-8- 5MXH well (located ~3-miles west of the Jewell DSU) has produced ~465,000 BOE in approximately 12-months. In the Woodford formation the Continental Resources Inc. operated Courbet 1-27-22XHW well (located ~1-mile southwest of the Jewell DSU) has produced ~258,000 BOE in approximately 9- months.1

Cumulative oil production for the Flash and Courbet wells compared to the Jewell well oil production type curve are shown in Figures 2 and 3 respectively. As can be seen, Brookside has been very conservative when estimating the potential Jewell well production rate, economics and volume of recoverable resource. The significance of Brookside’s conservative approach can not be understated when viewed in the context of the Company’s three DSUs in the SWISH AOI and the associated

Activity in the SWISH AOI is again increasing post the decline in activity witnessed during 2020, with Camino Natural Resources LLC permitting a well in the DSU ~1 mile west of the Rangers DSU while Cheyenne Petroleum Company has mobilised a drill rig to a location ~2 miles west of the Rangers DSU.

The latest production numbers and increasing activity in the SWISH AOI, combined with Brookside’s conservative approach, are very positive for Brookside’s pipeline of 21 wells to be drilled in the next 5 years and the development of the 11,606,000 net BOE Prospective Resource attributable to the Jewell, Flames and Rangers DSUs.

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