CXC currently has exposure under 700 Barnett Shale locations affording in excess of 1.1 trillion cubic feet of natural gas. The net reserves attributable to the champion position is in excess of 131 BCF in the Barnett alone.
In order to balance the portfolio of Champion Exploration, we have entered into a PSA with a non-public company wherein CXC will be acquiring 7,500,000 net barrels of oil in the proved undeveloped sec category. This project is very exciting for us. The acquisition costs of these net reserves at today's prices will afford CXC a net return on investment well in excess of the industry norm.