Grays Harbor, Washington State
Comet Ridge Resources via St. Helens has amassed a 470,000 acre (1,902 sq km) leasehold and lease option position over the Grays Harbor Basin in western Washington. In June, 2008 the Company negotiated a twelve month extension to the lease option it has over 420,000 acres (1,700 sq km) with a large timber company at a cost of $300,000 or less than US$0.72 per acre. This extra time will enable St. Helens to acquire and interpret 3D and 2D seismic surveys over a number of the mapped prospects and leads prior to exercising its option to lease.
The prospects at Grays Harbor are conventional sandstone reservoirs in structural anticlinal traps. There is relatively sparse 2D seismic coverage over the mapped prospects so the Company will be shooting new 3D and 2D data to optimize the initial drilling locations planned for 2009. These surveys commenced in August, 2008.
Chehalis, Washington State
St Helens Energy holds a 10% interest in the 130,000 acres over the Chehalis coal seam gas play in southern Washington. Comet Ridge farmed out early in 2008 and will be carried through the drilling of five wells. Drilling is expected to commence in the second half of 2008.