Hilderhoff LP1 is approximately 400 acres in lease area and is a field re-entry/new well development project located in Jim Wells County Texas. PRS has re-entered an existing well that is currently producing approximately 15 barrels of light sweet crude per month in the vicksburg fault zones. PRS plans to drill 2 new wells into the same formation with production estimates of between 80 and 100 barrels per day in these new wells. Drilling should begin in the fall of 2021 with completions in the spring of 2022.

Hilderhoff LP2 is the sister field re-development to Hilderhoff LP1 and is approximately 1,600 acres in lease area. PRS has developed detailed field re-development plans that include 20 new drill oil and 10 new drill gas wells. Operations are scheduled to begin with two drilling rigs on location in the first quarter of 2021.