Areas of Focus.
South America
The Exclusive rights to the proprietary Radial Drilling Technology provide Benchmark with access to several project opportunities with major oil and gas companies in Colombia. Benchmark is presently in a unique position to undertake a pilot project on 2 mature fields operated by Ecopetrol the national oil company in Colombia.
Other acquisitions and farm-in opportunities are constantly being evaluated and several negotiated in Colombia and Argentina.
North Africa
Benchmark is currently positioned in Tunisia with an offshore marginal field development (non-operated) in the Gulf of Hammamet basin. Management expects to move forward with plans on development of this acquisition in early Q1 2008.
Future Direction
Benchmark Energy is in the business of expanded exploitation of marginal oil and gas fields that have previous or potential production from a known source. Management expects to earn in, partially purchase, and purchase outright, producing fields that have an excellent chance of increasing production through Benchmarks expertise and access to technology.
Benchmark Energy has recognized that the best value for marginal oil fields is in areas that tend to be devoid of new technology but that also typically carry some political risk. Benchmarks management also believes that political risk can be minimized dramatically through intrapersonal relationships.
The company is committed to a strategy of identifying good value while minimizing risk for shareholders and will walk away before committing to a project that does not offer an excellent return on equity versus the risk associated.