Venus Exploration Inc. is actively seeking industry partners for nine exploration and field development projects located on 24,000 acres in Texas and Louisiana. These prospects, focused primarily in the Cotton Valley/Bossier trend in East Texas and the Expanded Yegua trend of the Texas Gulf Coast, are balanced between development drilling in existing fields and exploratory drilling on higher risk exploration projects with higher potential.
The company's interests in the projects vary from 15% to 100% and average 60%. The industry partner's percentage would vary, depending on the project. The company estimates that the net unrisked reserve exposure or reserve potential before adjustment for risk is 640 BCF to the company's current ownership interest. Venus' current drilling plans are on hold, pending successful completion of its marketing to industry participants of interests in a number of the Company's prospects. Drilling plans are expected to be finalized in the last quarter of 2002.