From its beginning in 1987, Vista has charted a steady course of growth. During that year, the company drilled its first 6 natural gas wells in Fayette and Warren Counties, Pennsylvania, and Ritchie County, West Virginia. Over the next two years, the company drilled an additional 37 wells in Pennsylvania and West Virginia.
Sandy Lake Field
In 1989, Vista and three partners acquired the Sandy Lake Field in Mercer County, Pennsylvania. This acquisition included 32 producing wells, one pipeline and 60-80 undeveloped locations. In 1990, Vista began drilling natural gas wells in this same area - an area that was to become the core of its operations.
As of August 2013, Vista has drilled more than 900 wells at the Sandy Lake Field, with a 97% completion rate, constructed over 100 miles of natural gas pipelines and installed 3 compressor stations to increase production in the Field. Vista's wells have produced in excess of 50 Bcf of natural gas and may produce for more than twenty years.
In 2001, Vista began to look for additional acreage in other areas of the country. Based on extensive research, Vista decided to pursue exploration in the Rockies due to the estimated large amount of undeveloped reserves, the success of other oil and gas companies in that area and the amount of land available to lease. In 2002, Vista acquired acreage in the Denver Julesberg Basin in eastern Colorado and began its Rockies drilling. In 2006, Vista also began to drill in Nebraska and as of August 2013, has drilled 152 total wells in the Rockies with an 86% success rate.
One of our newer projects involves the exploration and development of shale wells in western Pennsylvania. Shale plays are becoming some of the most exciting prospects in the U.S. Beginning in 2006, under the direction of Tom Michael, Vistaís Vice President of Exploration & Development, Vista acquired over 20,000 acres for prospective shale wells. In 2007, Vista signed a joint venture agreement with another oil and gas company to develop this land. Vista subsequently sold its interests in the remaining leases and Marcellus wells it operated. Mr. Michaelís experience and expertise in evaluating the Marcellus and other shale formations will help Vista to identify other shale opportunities in the Appalachian Basin.
Shallow Pennsylvania Oil
The modern petroleum industry began in 1859 with the drilling of the Drake well in northwestern Pennsylvania. From that Drake well discovery, this Pennsylvania region has produced over 1 billion barrels of oil. By incorporating modern completion technology, Vista has targeted this shallow oil potential starting in 2011 and plans to focus on these shallow zones in 2013.
In summary, the Sandy Lake Field, the Rockies, the Appalachian shales and the Shallow Pennsylvania Oil have proven to be excellent areas in which to drill. Over the last twenty-six years, Vista has managed 55 drilling or investment programs involving more than 1,000 wells. Our future plans include additional drilling programs focused on the same areas.
Forward-looking Statements and Associated Risks
All statements other than statements of historical fact included on this page including, without limitation, statements
regarding Vista's or any drilling program's anticipated financial position, business strategy and plans and objectives for
future operations, are forward-looking statements. When used, words such as "anticipate," "believe," "estimate," "expect,"
"intent," and similar expressions, as they relate to a drilling program or Vista, identify forward-looking statements.
Any forward-looking statements are based on the beliefs of Vista as well as assumptions made by, and information currently
available to, Vista. Actual results could differ materially from those contemplated by the forward-looking statements as
a result of certain factors, including, but not limited to, uncertainties inherent in reserve estimations and production
rates, especially for estimates of undeveloped reserves, operational risks with corresponding exposure to delays, significant
cost overruns and mechanical problems, the highly competitive nature of activity with corresponding resource shortages, and
the uncertain cost and pricing environment in the oil and gas exploration and production industry. Any forward-looking statements
reflect the current views of the Vista with respect to future events and are subject to these and other risks, uncertainties and
assumptions relating to the results of operations of a drilling program. All subsequent written and oral forward-looking statements
attributable to the Vista or persons acting on its behalf are expressly qualified in their entirety by this paragraph.
IN LIGHT OF THESE AND OTHER RISKS AND UNCERTAINTIES, THERE CAN BE NO ASSURANCE THAT THE EVENTS PREDICTED IN FORWARD-LOOKING STATEMENTS, INCLUDING WITHOUT LIMITATION, ANY PROJECTIONS AND/OR ASSUMPTIONS, CONTAINED ON THIS PAGE WILL IN FACT TRANSPIRE. THIS PAGE DOES NOT CONSTITUTE AN OFFER TO PARTICIPATE OR PURCHASE SECURITIES OR ANY INTERST IN ANY VISTA-SPONSORED PROGRAM. PARTICIPATION AND PURCHASE OF ANY INTEREST IN A VISTA-SPONSORED PROGRAM CAN BE ACCOMPLISHED ONLY THROUGH THE DELIVERY OF PROGRAM MATERIALS.