Laredo Energy was founded in October 2001 to acquire and develop natural gas reserves in South Texas. Currently, we are in the process of acquiring leases and drilling wells based on approximately 1,100 square miles of 3-D seismic data. Our current acreage position is approximately 22,000 gross acres. Additionally, we are continuing to lease mineral rights from local landowners. We also plan to pursue large producing property acquisitions as they become available. Primarily our acquisitions and leases are in Webb and Zapata Counties, two of the leading natural gas producing counties in Texas. Extending throughout these counties is the Lobo Wilcox Trend, one of the largest gas producing regions in the United States. This play has produced more than 6.4 Tcf gas equivalent from more than 4,200 completions. We are a significant taxpayer in Webb and Zapata Counties and we hire dozens of local contractors with hundreds of employees working on Laredo Energy projects. We also generate significant revenue for local landowners with whom we have natural gas leasing agreements. Since its inception in 2001, Laredo Energy has drilled 82 wells in Webb and Zapata Counties, and continues to drill 20 to 30 wells per year. Laredo Energy Management consists of: Glenn Hart, Jerry Holditch, Ken Cravens, Doug Fogle, Robert Swanson, Scott Stevenson, Doug Kaiser, Jim Flowers, Steve Jaques and Paul Thompson. South Texas is a great place to have a natural gas business, particularly in Webb and Zapata Counties. We look forward to continuing to grow Laredo Energy in this vibrant area for many years to come.
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