McLean County Oil & Gas Project
Odyssey has an acreage position with gas rights in McLean County, Kentucky, USA.
The project comprises a 100% working interest in gas leases totalling 710 acres and are located adjacent to the Rough Creek Fault System, which is a large regional fault system. Several historical gas wells are contained within or adjacent to the project.
The Company is reviewing available historical data to determine future activity for this project area, which may include expansion of the lease area footprint and/or exploration activities.
As previously advised, the system for obtaining title to gas leases in the USA is complex given that numerous parties may hold the undivided mineral rights to a particular tract of land. This can be a lengthy and expensive process. It is therefore customary that such title opinions are not sought until the Company proposes to conduct a drilling operation and/or expend significant amounts of money on a particular lease. As a result, limited title work has been conducted to date, and further title work will need to be completed before any substantial exploration expenditure is incurred.