oil hit record high profit delek dlkr ob oil america successful locating reefs 33 33 times breaking news press release delek acquire oil producing properties wednesday june 22 9 56 et click full release delek main project involves exploring mississippian aged lodgepole carbonate build ups williston basin montana north dakota well hardeman basin west texas new exploration technique applied play proven succesfull lodgepole limestone deposited shallow ancestral williston basin carbonate formation developed thousands small circular limestone build ups reefs average distribution build ups 4 reefs per square mile section lodgepole reefs deposited within fairway thousand miles long thirty miles wide shelf williston basin reservoirs williston basin may produce much 2 000 barrels per day bopd depths 7 500 9 500 feet prolific reefs produced much 4 000 000 barrels light sweet oil lodgepole reefs visible surface outcrop far western part williston basin allows sense scale geometry reefs observed first hand delek resource technology partner play company named oil america ofa ofa applied proprietary photo analytical program known remote sensing analysis analysis detects location waulsortian reef cores program produces well defined images correlate oil producing wells oil america first partner conoco major player lodgepole reef play stated lodgepole reefs economic production anywhere world average well united states produces barrels per day one lodgepole wells prolific amounts thousand wells well may produce 2000 bod 4 000 000 bo cumulatively single well bore well excess 100 000 000 revenue may generated well relatively brief period production potential significant new discoveries williston basin began february 1993 wildcat well near dickinson north dakota conoco tested heretofore non productive interval lodgepole limestone carbonate zone good porosity gas shows failing find pay deeper objectives production test reluctantly taken 9 721 9 850 feet discovery well dickinson lodgepole unit 74 initially produced rate 419 bopd well produced nearly 2 million barrels 41 4 api gravity sweet crude oil 1 2 bcf natural gas date discovery ignited frantic race 1993 1997 major independent oil companies attempted develop expand lodgepole find using conventional 2 3 seismic programs best wells flowed allowable rate 2 000 bopd conoco dickinson lodgepole 75 single productive well produced 4 000 000 barrels oil nearly 2 bcf gas since september 1993 well still produces thousands barrels month nine years production time lodgepole reef play became largest onshore play america success however without failure ability seismically delineate discrete reefs difficult misleading geophysical characteristics lodgepole limestone nearly identical overlying carbonate beds creates poor acoustic contrast formations seismic differentiation formations difficult result 1996 search additional lodgepole reefs stalled play recently revitalized continental resources made another accidental discovery december 2000 valley county montana 155 miles northwest dickinson north dakota area lodgepole reefs shallower 7 200 feet reef initially produced 2 000 barrels per day begun producing water appears well drilled flank reef close water discovery dramatically increases exploratory opportunities future discoveries lodgepole oil america successful locating reefs 33 33 times begun using another technology differentiate reefs show signs hydrocarbons minimize possibility drilling reef would dry hole confident three technologies applied overall makes chances drilling successful producing reef excellent using technologies delek drill targets williston basin delek intends raise money acquire producing properties near term properties would complement exploration areas exploration company pursuing symbol dlkr ob keep eye upcoming breakings news disclaimer safe harbor statement information within email contains forward looking statements within meaning section 27 securities act 1933 section 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