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As of June 2nd 2006, the company is in talks with a publicly traded company to test two products. While there is no agreement or contract at this time, WOGM management is confident that one can be reached soon.
One product is a solvent currently used for enhanced oir recovery. WOGM will be testing this product for uses out side the Oil field while also applying the product to it's own wells.
The second product is an innovative new extraction process recently patented. Due to the proprietary nature and a non disclosure agreement of this process, I am not at liberty to go into detail. We hope to be able to bring this technology into our business by years end.
WOGM is currently working on lease agreements for 5 wells which we hope to have completed in the next few weeks. these wells are currently plugged. These wells were poducing at low rates when plugged and management feels that re-entry will be profitable in todays markets. Due to the uncertainty of the method of plugging there is no guarantee that the wells can be put back into production.
Mike Brown
president |
