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, an additional 37 wells were drilled 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 May 2010, Vista has drilled more than 800 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 48 Bcf of natural gas and may produce for more than twenty years. An additional 100 to 150 new well locations are estimated to be available on our acreage in Mercer County, PA.

Rockies

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 May 2010, has drilled 152 total wells in the Rockies with an 86% success rate.

Appalachian Shales

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, Vista’s 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 currently operates two Marcellus Shale wells, but subsequently sold its interests in the remaining leases. Mr. Michael’s experience and expertise in evaluating the Marcellus and other shale formations will help Vista to identify other shale opportunities in the Appalachian Basin.

In summary, the Sandy Lake Field, the Rockies and targeted Appalachian shales have proven to be excellent areas in which to drill. Over the last twenty years, Vista has managed 49 drilling or investment programs involving more than 1,000 wells. Our future plans include additional drilling programs focused on the same areas.