Mannon L. Walters, Inc. Acquires Exclusive EM Technology License

Business Wire,  June 25, 2008  

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EVANSVILLE, Ind. -- Mannon Oil is pleased to announce, through a newly formed affiliate company, that we have secured the exclusive North American license to airborne electromagnetic impulse survey technology developed by Pinemont Technologies, LLC.

Acquisition of this technology license will enable us to:

* reduce the risk of drilling dry holes,

* prioritize future drilling efforts to focus on optimum risk/reward scenarios,

* identify new geographic areas of opportunity,

* Avoid participation in areas with limited upside potential,

* Assist in the interpretation of seismic features with hydrocarbon content

The recently patented technology involves utilization of a passive geophysical prospecting method and apparatus that operates in both ground and airborne configurations to identify hydrocarbon reservoirs by remote sensing of transient electromagnetic pulses. As presented by the inventor of the technology at the 2006 AAPG Annual Meeting, over 30 discovery wells have been documented as being drilled on positive transient-pulse anomalies with, to the inventor's knowledge, no dry holes having been drilled on any of the positive anomalies. The technology works over land and water and has been extensively tested in the US and Canada, as well as in the North Sea and Australia. We have already begun implementing the technology throughout our drilling program, and expect it to significantly impact our success.

Here's how it works: An inherent magnetic field of electromagnetic energy is present and can be sensed at the earth's surface, and from low-flying aircraft. Vertical components of this primary field contain transient random impulses of energy varying across a wide frequency range including in the audio-frequency range. Although speculative, it is widely believed that the impulses are related to lightning activity around the Earth. Regardless of their source, however, the existence of random occurring impulses is recognized. Secondary magnetic fields are associated with the microseepage plumes and accompanying Redox cells over hydrocarbon reservoirs. These secondary fields interact with the random impulses in the primary field and generate secondary impulses. Once these random impulses are captured and tied back to the plane's flight path, a map can be constructed showing the areas overlying potential hydrocarbon accumulations - a treasure map for oil and gas.

The technology is designed as a reconnaissance tool and can be used stand-alone in certain circumstances to discover new potential hydrocarbon deposits. However, the technology is also used very effectively in conjunction with other technologies and conventional geological and geophysical interpretation methods to offset inherent uncertainties in these methods and to provide additional insight into the presence and extent of hydrocarbon deposits.

For a more comprehensive write-up please read the September 2006 edition of "World Oil".

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