**Exhibit 99.1**

 
| February 17,  2010                                                                                  |   |  |
|----------------------------------------------------------------------------------------------------------|--------|--|
| Mr. Bill  Hayworth  Black Raven Energy  1125 17th St., Suite 2300  Denver, Colorado 80202 |

 

Gentlemen:

 

Atyour request, MHA Petroleum Consultants, Inc. (MHA) has prepared anestimate of the reserves and income attributable to certain leasehold interestsof Black Raven Energy as of January 1, 2010. The results of this study aresummarized below:

 

Black Raven EnergyProved Plus Probable ReservesEstimated Net Reserve and Income DataConstant Price and CostsAs of January 1, 2010

 
| ** **                      | ** ** | **Reserves**                            | ** ** | **Income  Data**            | ** ** |
|---------------------------------|------------|-----------------------------------------|------------|-----------------------------|------------|
| ** **                      | ** ** | **Net  Remaining  Reserves  Gas  MMcf** | ** ** | **Future  Net  Income  M$** | ** ** | **Direct  Operating  Expense  M$** | ** ** | **Equity  Investment  M$** | ** ** | **Undiscounted  Net  Cash Flow  M$** | ** ** | **Discounted  Net  Cash Flow  @ 10%  M$** | ** ** |
| Proved Developed  Producing     |       | 750.8                                   |       | 2,218.6                     |       | 1,413.3 |   | 31.5 |   | 773.8 |   | 575.4 |   |
| Proved Developed  Non-Producing |       | 970.6                                   |       | 2,855.0                     |       | 989.4 |   | 300.0 |   | 1,565.6 |   | 1,153.0 |   |
| Proved  Undeveloped             |       | 7,427.8                                 |       | 21,848.8                    |       | 7,793.1 |   | 6,820.0 |   | 7,235.7 |   | 3,412.4 |   |
| **Total  Proved**               | ** ** | **9,149.2**                             | ** ** | **26,922.4**                | ** ** | **10,195.8** | ** ** | **7,151.5** | ** ** | **9,575.1** | ** ** | **5,140.8** | ** ** |
|                            |       |                                    |       |                        |       |   |   |   |   |   |   |   |   |
| Probable                        |       | 21,356.9                                |       | 62,820.6                    |       | 22,412.1 |   | 18,480.0 |   | 21,928.4 |   | 10,167.3 |   |

 

Thefuture net revenue was based on net hydrocarbon volume sold multiplied byanticipated price. Expenses include severance and ad valorem taxes, and thenormal cost of operating the wells. Future net cash flow is future net revenueminus expenses and any development costs. The future net cash flow has not beenadjusted for outstanding loans, which may exist, nor does it include anyadjustments for cash on hand or undistributed income. No attempt has been madeto quantify or otherwise account for any accumulated gas production imbalancesthat may exist.

 

143 Union Blvd, Suite 200     Lakewood,Colorado 80228 USA     Telephone: 303-277-0270     Fax:303-277-0276

 

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ReserveEstimates

 

Reserve estimatesincluded in this study were assigned on the basis of the Securities andExchange Commission definitions (effective January 1, 2010). Thesedefinitions are included in the section of this report titled ReserveDefinitions.

 

In general, the reservesin this report were estimated using production performance analysis. Othermethods such as material balance, volumetrics, and offset well analogy wereused in certain cases where the data indicated such methods were moreappropriate.

 

Pricesand Costs

 

Gas prices are constantat $3.045/Mcf. Operating costs were obtained from Black Raven and held constantfor the life of the properties. MHA reviewed the operating costs and considerthem realistic. Capital costs associated with new wells and/or workovers wereincluded in the economics if the expenditures were scheduled beyondJanuary 1, 2010.

 

Statementof Risk

 

The accuracy of reserveand economic evaluations is always subject to uncertainty. The magnitude ofthis uncertainty is generally proportional to the quantity and quality of dataavailable for analysis. As a well matures and new information becomesavailable, revisions may be required which may either increase or decrease theprevious reserve assignments. Sometimes these revisions may result not only ina significant change to the reserves and value assigned to a property, but alsomay impact the total company reserve and economic status. The reserves andforecasts contained in this report were based upon a technical analysis of the availabledata using accepted engineering principles. However, they must be accepted withthe understanding that further information and future reservoir performancesubsequent to the date of the estimate may justify their revision. It is MHA’sopinion that the estimated proven reserves and other reserve information asspecified in this report are reasonable, and have been prepared in accordancewith generally accepted petroleum engineering and evaluation principles.Notwithstanding the aforementioned opinion, MHA makes no warranties concerningthe data and interpretations of such data. In no event shall MHA be liable forany special or consequential damages arising from Black Raven Energy’s use ofMHA’s interpretation, reports, or services produced as a result of its’ workfor Black Raven Energy.

 

It was a pleasureperforming this work for Black Raven Energy. Should you have any questions,please call.

 

Sincerely,

 
| /s/ Leslie S. O’Connor |   |
|-----------------------------|--------|
| Leslie S. O’Connor     |   |
| President                   |   |

 

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