Central Utah Overthrust Project

The largest oil discovery in the United States in the past thirty (30) years is located on the Central Utah Overthrust Belt (Hingeline).  In 2004, Wolverine Gas and Oil discovered the Covenant Field, estimated to contain over 100 million barrels of oil (MMBO) in the first Navajo sandstone at 6,400’.  A recent deeper test has discovered oil in the second Navajo formation.  Wolverine has drilled over fifteen wells in this field which are each producing at the rate of 600-1,000 barrels per day of high gravity oil (40°), with nominal declines.  Lease values in the area have exceeded $3,000 to $7,000 per acre (based on recent public BLM and private sales).

Freedom owns 20.0% working interest in approximately 16,000 net mineral acres on the northern end of the Hingeline with three Navajo prospects. Freedom’s initial drilling targets will test multiple, stacked Navajo structures identified by seismic and gravity surveys at estimated depths ranging from 6,000’ to 13,000’.  Freedom’s potential oil-bearing Navajo sandstone structures cover over eight (8) square miles and the lower Navajo sandstone structure has up to 4,000 feet of vertical closure.  Independent petroleum engineers and geologists estimate that Freedom’s Central Utah Overthrust prospects may yield in excess of 300 million barrels of oil.

Richfield Prospect

Freedom owns a 33.3% working interest in 156 acres located near Richfield, Utah.  Wolverine Gas and Oil owns the other 66.7% interest. The prospect is located on a seismic structure approximately 2 miles west of Wolverine’s Covenant Field.  Preliminary estimates are that as much as 25 million barrels of oil equivalent (BOE) may be recoverable from Freedom’s prospect.  The Company has performed preliminary research and reviewed existing seismic on this prospect.

Nephi Prospect

In 2008 Freedom acquired mineral rights and working interest in approximately 447 acres located near Nephi, Utah.  The lands are situated in Juab County approximately 15 miles northwest of the Company’s Utah Overthrust Project. The Company entered into a farmout agreement with Hewitt Petroleum, which has recently permitted and spudded the HPI Liberty #1 Well, a 4,500’ Navajo test.  Freedom retained a 12.5% working interest, carried to casing point in this initial test well.  Geologists estimate that this prospect could contain as much as 40 million barrels of oil.