KESTREL ENERGY, INC.

KESTREL ENERGY, INC.

Previous company name
TANNER PRUIT EXPLORATION INC
Name change date
1/26/1981
Company Overview
Kestrel Energy, Inc. is a publicly quoted company engaged in the acquisition of interests in proved developed producing oil and gas leases, and exploratory and developmental drilling. Formerly known as Tanner Pruitt Exploration, the company was incorporated in November of 1978. It later changed its corporate name to Kestrel Energy, Inc. in March of 1995. The registered head office of the company is located in Lakewood, Colorado.
As of June 2003, the company owned oil and gas interests in the states of Wyoming, New Mexico, Oklahoma and Louisiana.
Business Summary
Kestrel Energy, Inc. is primarily engaged in the acquisition, either alone or with others, of interests in proved developed producing oil and gas leases, and exploratory and developmental drilling. As of June 30, 2003, the Company owned oil and gas interests in the states of Louisiana, New Mexico, Oklahoma, Texas and Wyoming. As of June 30, 2004 (fiscal 2004), Kestrel had a royalty and/or working interest in 90 gross (3.4 net) wells that produce oil only, 44 gross (11.2 net) wells that produce gas only, and 19 (1.2 net) wells that produce both oil and gas. All wells that produced gas are connected to pipelines. The net production for the royalty interests for fiscal 2004, were 137 barrels (Bbls) and 19 thousand cubic feet (Mcf) of oil and gas, respectively.
Description and history
Kestrel Energy, Inc., incorporated in November 1978, is primarily engaged in the acquisition, either alone or with others, of interests in proved developed producing oil and gas leases, and exploratory and developmental drilling. As of June 30, 2003, the Company owned oil and gas interests in the states of Louisiana, New Mexico, Oklahoma, Texas and Wyoming. As of June 30, 2004, Kestrel had a royalty and/or working interest in 90 gross (3.4 net) wells that produce oil only, 44 gross (11.2 net) wells that produce gas only, and 19 (1.2 net) wells that produce both oil and gas. All wells that produced gas are connected to pipelines. The net production for the royalty interests for fiscal 2004, were 137 barrels (Bbls) and 19 thousand cubic feet (Mcf) of oil and gas, respectively.

For the fiscal year ended June 30, 2004 (fiscal 2004), Kestrel’s proved oil reserves increased approximately 57,000 barrels (bbls) to 367,700 bbls, or 18%, from 310,700 during the fiscal year ended June 30, 2003 (fiscal 2003). The Company’s proved gas reserves decreased 17 million cubic feet (Mmcf) to 4,742 Mmcf. The decrease in proved gas reserves was attributable primarily to the recommendation by the Company’s independent engineering consultants, Sproule Associates, Inc., to make the maximum well life no more than 50 years. In the past, some of its wells had a life expectancy of more than 50 years, therefore increasing the reserves. Its core properties have extremely long-lived reserves, in excess of 40 years, which will provide a solid foundation as the Company moves forward.

Kestrel is also investigating other petroleum targets at different horizons on its leasehold in the Greens Canyon property. The other horizons include numerous coalbed methane zones at depths up to 5,800 feet. While these targets remain unproved they do provide the potential for significant reserve additions, should exploration efforts prove successful.

Formerly known as Tanner Pruitt Exploration

Business Line
Acquisition of interests in proved developed producing oil and gas leases, and exploratory and developmental drilling
Subsidiary

Advisor
WHEELER- BRUNSCHWIG & WASOFF
IPO date

US SIC Code
1311
Company Address
Suite 210
1726, Cole Boulevard
City province or state postal code
80401, LAKEWOOD, CO
Phone: +1 303 295 0344
Fax: +1 303 295 1961
Country address: UNITED STATES OF AMERICA
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