Umbrella Point Well Completed by PANACO
HOUSTON--(BUSINESS WIRE)--March 3, 2000--PANACO Inc. (OTCBB: PANA)
announced today the successful completion of its second well in the Umbrella Point Field, located in
Trinity Bay, Chambers County, Texas. The well flowed 10.1 MMcf and 377 barrels of condensate
per day through a 14/64ths choke with flowing tubing pressure of 6,555 psig. Calculated open flow
potential of the well is 38.1 MMcf per day. This is the second of several wells planned for the
Umbrella Point Field, which was acquired in July 1997 as part of the Goldking acquisition.
PANACO has an 80% working interest in the well. The remaining 20% is owned by Peoples Energy
and Midex.
In addition, PANACO announced that its unaudited year-end financials have been added to
PANACO's web site in the Investor Relations section under Presentations at
panaco.com. PANACO plans to file its 10-K and release earnings on March 24, 2000
and will host a conference call on March 29, 2000, at 4:00 p.m. E.S.T. to discuss 1999 results and
review plans for 2000. The conference call is open to everyone and may be listened to by dialing
973/628-7055 or visiting Vcall's web site vcall.com.
PANACO Inc. is an independent oil and gas exploration and production Company focused primarily
on the Gulf of Mexico and the Gulf Coast Region. The Company acquires producing properties with
a view toward further exploitation and development, capitalizing on state-of-the-art 3-D seismic and
horizontal drilling technology to recover reserves that were bypassed or previously overlooked.
Emphasis is also placed on pipeline and other infrastructure to provide transportation, processing and
tieback services to neighboring operators.
Forward-looking statements in this press release are intended to be subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, including drilling risks, uncertainties in
estimating reserves, risks inherent in oil and gas operations and others set forth in greater detail in the
PANACO Form 10-K. No assurances can be given that actual results will not differ materially from
those contained in such forward-looking statements.
Contact:
PANACO Inc., Houston
Michele Hines, 713/970-3100
Fax: 713/970-3151
panaco.com
All Headlines
Additional Headlines
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03/03 14:03
Umbrella Point Well Completed by PANACO
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01/18 17:53
PANACO Inc. Announces Successful Workover |
