Investment opportunity: Drill-ready Tethys Prospect – onshore California

The Tethys Prospect is a drill-ready conventional oil exploration and development opportunity located along the oil-prolific west side of the San Joaquin Basin in Kern County, California, with an estimated 20 million barrels of oil recoverable potential (P50).

The prospect is defined by reprocessed 3D seismic data integrated with well control, lies very close to existing production and along the same productive anticlinal trend as the adjacent Antelope Hills Oil Field (~19 MMbo cumulative production).

The nearby McDonald Anticline Oil Field (~22 MMbo cumulative production) shares the same reservoirs and trapping style as Tethys. The prospect test well (1-8) is fully permitted, the drill site has been prepared, and existing oil-field infrastructure is nearby.

West Bay Exploration Company, Traverse City, MI is the operator. A 20% nonoperating working interest is currently available (August 13, 2026) while 80% working interest is already committed. Additional technical and economic information is available upon execution of a confidentiality agreement.

• Drill-ready, permit-approved, with a CalGEM certified operator
• Kern County, California
• Existing infrastructure nearby
• 20% non-operating working interest is available
• No promote, only sunk cost recovery
• 80% working interest committed
• 69.4% geologic chance of success (step-out of existing productive trend)
• Multiple stacked reservoir objectives
• Reprocessed 3D seismic
• Adjacent producing fields
• $2.07 MM estimated dry-hole cost ($1.7 MM) plus sunk cost (~$400,000)
• $2.87 MM estimated total well cost through initial commerciality

Tethys 1-8 Well Base Case: Geologic Chance of Success (COS) = 69.4%; Commercial Chance of Success Given Discovery = 90.0%

Overall Commercial Success Probability=62.5%, IP Rate Oil-Price Risked NPV10 Payout:

• Low 300 BOPD $56/bbl $0.2 MM 25 months
• Base 500 BOPD $70/bbl $5.4 MM <8 months
• High 1,000 BOPD $110/bbl $31.7 MM <2 months

Full-field development economics for Tethys Prospect: Risked NPV10 (EMV) values of approximately $11.6 million for 5 MMBO (P90), $164.7 million for 20 MMBO (P50), and $623.6 million for 40 MMBO (P10), highlighting the significant upside potential of a successful discovery. Modeled using a 76.0% net revenue interest, oil prices ranging from $56–110/bbl, and average operating costs of approximately $25 per produced barrel.

Contact: Thomas L Davis (tldavisgeo@gmail.com) or Pat Gibson (Pat@westbayexploration.com)