About Critical Point Resources, Inc. -- (NASDAQ: CRPI:PK) -- The Company primarily engages in the exploration, acquisition and development of Uranium and Vanadium properties in the Western United States of America.
Critical Point Resources, Inc. has identified several project properties as potential and current acquisitions within the Uravan mineral belt: The Company's Management and Consulting Team have a strong exploration background -- from discovery through to mine development and production.
The Company has invested in participations in three oil and gas wells, all located in the State of Texas. The first of these, the Edgmon-Cameron H12, located in Lee County, Texas, was intended to have a second lateral drilled below the existing lateral. The operator of this well is convinced that this new lateral will result in substantial new production, possibly as much as 500 to 1,000 BOE per day; however, the majority owner of the well (75%) desired to have the well shut in. At the time this well was shut in, it was producing approximately 200 MCF of gas and 20 BBL of oil per day. The operator is attempting to persuade the majority owner to permit the re-opening of the well and the drilling of the new lateral.
The second of these wells is the Jackie Beeson #2 also located in Lee County, Texas. This well is currently averaging approximately 400 BBL of oil and 300 MCF of gas per month. The operator is convinced that the drilling of an additional lateral will result in a substantial increase in Production.
The Company’s most recent investment was a participation in a well being drilled in Matagorda County, Texas by Northstar Energy of Dallas, Texas. This well resulted in a dry hole and was closed.