Page 11 - Sun Resources 2014 Annual Report

At the time of writing, Sun had just
participated in the Davis #1 well
operated by Petro-Hunt LLC to
jointly explore and develop an Area
of Mutual Interest (AMI) consisting of
approximately 7,832 gross acres in
northern Leon County, Texas. Petro-
Hunt is a privately-owned independent
oil and gas company based in Dallas,
Texas and also the largest shareholder
in Halcón. Under this agreement, Sun
holds a 25% interest in the AMI and in
any successful wells. The target of this
joint activity is the Woodbine ‘C’ sand, or
“Dexter” sands of the Lower Woodbine
and a successful well will extend the
core fairway north, through Sun’s 100%
owned Delta Project leases.
Currently, Sun’s Board is working closely
with its Texas-based operating team to
continue to develop the Delta, Southern
Woodbine and Normangee Projects
areas. In addition, Sun hopes to develop
a strong relationship with its newest
and largest shareholder, Hancock
Prospecting Pty Ltd (19.53%), as the
Company progresses its efforts to unlock
the value of the Woodbine Tight Oil Play.
Finally, Sun looks forward to participating
in its first Badger Project well with its new
partner, Ursa.
SUN RESOURCES ANNUAL REPORT 2014  9