Kelley Announces Production From Its North Louisiana Cotton Valley Discoveries
HOUSTON--(BUSINESS WIRE)--Oct. 6, 1998--KELLEY OIL & GAS CORPORATION (Nasdaq NM:KOGC) announced today the successful completion of the Don Mason "B" No. 2 well and the Mary Merritt No. 1 well in North Louisiana. The Mason "B" No. 2 well is Kelley's first Cotton Valley completion in the Ada Field in Bienville Parish. The Merritt No. 1 well is the discovery well for the Cotton Valley formation in West Bryceland Field in Bienville Parish. Kelley owns a 32.3 percent working interest in the Mason "B" No. 2 well and a 39.5 percent working interest in the Merritt No. 1 well.
The Mason "B" No. 2 well encountered approximately 300 net feet of indicated pay which, after fracture stimulation, is currently producing to sales at a daily rate of 3.6 million cubic feet equivalent (3.3 million cubic feet of gas and 42 barrels of condensate), at a flowing tubing pressure of 1,100 pounds per square inch on a 36/64ths-inch choke.
The Merritt No. 1 well encountered approximately 135 net feet of indicated pay which, after fracture stimulation, is currently producing to sales at a daily rate of 2.8 million cubic feet equivalent (2.7 million cubic feet of gas and 15 barrels of condensate), at a flowing tubing pressure of 1,450 pounds per square inch on a 22/64ths-inch choke.
Kelley is continuing to incorporate the results of its recent Cotton Valley drilling successes into its geological and geophysical data bases in order to identify additional Cotton Valley drilling opportunities on Kelley's acreage in the Vacherie Dome area. Kelley Oil & Gas Corporation is engaged in the development, exploration, acquisition and production of oil and natural gas. Natural gas represents about 95% of the Company's equivalent production and
proved reserves.
Kelley Oil & Gas Corporation common stock and preferred stock are traded on the NASDAQ National
Market under the symbols KOGC and KOGCP. Company information is available on the World Wide
Web at http:/www.kelleyoil.com. |
