On June 27, 2008, Diamond Investments has finalized formal engagement with Jacobs Energy in raising $300 Million in capital for expansion of Natural Gas wells in Central Tennessee - Appalachian Basin of Kentucky Tennessee, and West Virginia area. Technologically Driven oil and gas producer, Jacobs Energy engage in enhanced oil recovery (water flooding); shale development; invention; and patenting of fluid system products. Jacobs Energy was also selected as a Top 100 Company to Act as a Consultant with the Government Accounting Office (GAO) and the Department of Energy (DOE) to provide valuable insight to the effectiveness of oil and gas R&D programs.
“Most of everything we develop has one thing in common, the blanketed Devonian Shale formation. This formation extends throughout most of the entire Appalachian Basin and produces gas nearly 100% of the time when stimulated using modern technology; basically we eliminate the risk of dry holes associated with the exploration using the Shale” (Jeremy Jacobs CEO).
“Natural Gas Exploration is an Excellent Di versifier for our Business Model, therefore we are excited to take this challenge on in raising $300 Million,” (Nick Vaughey, VP Diamond Investments). The Value of Current Oil & Gas Reserves Valued at $5.20M with a PV10 value of $2.45M. This is just the proven wells not the undeveloped possible reserves; 92 Producing Gas Wells, 54 Producing Oil Wells, approximately 30,000 Acres. “There is also 34 Offset Production drilling sites previously chosen and can be drilled immediately. Upside Potential is $200 Million” (Andrew Barrett Vaughey, President).