Until 2005, our focus was on our undeveloped mineral interests and we were considered, at that time, to be a development stage company engaged in the acquisition and exploration of mineral and oil and gas properties. We still hold an interest in undeveloped mineral interests located in New Mexico (the "Antelope Pass Project"). However, in 2005, we suspended activities on our undeveloped mineral properties indefinitely in order to focus on our oil and gas properties and we did not conduct any operations or exploration activities on our undeveloped mineral properties during the fiscal year ended October 31, 2007.
During 2005 and 2006, we acquired undeveloped oil and gas interests and commenced exploration activities on those interests. Our undeveloped oil and gas interests are located in Oklahoma and Mississippi. In 2006, we commenced oil and gas production and started earning revenues. Prior to 2006, we were considered a development stage company as defined by Statement of Financial Accounting Standards No. 7 ("SFAS 7"). Effective 2006, we ceased being considered a development stage company.
Our plan of operations is to continue to produce commercial quantities of oil and gas and to drill re-entries to test the oil and gas productive capabilities of our oil and gas properties. As noted above, we have suspended our efforts indefinitely on the Antelope Pass Project in order to focus on our oil and gas interests.
