NEWS!!
Mecom No. 108 Well Production Rate 11.7 MCF Gas Per Day
DALLAS--(BUSINESS WIRE)--March 16, 2000--Queen Sand Resources, Inc. (OTCBB:QSRI - news) announces that the Mecom No. 108 well had an initial production rate of 11.7 million cubic feet gas per day in the J.C. Martin Field, Zapata County, Texas.
The Mecom No. 108 well was drilled to a total depth of 9,900 feet and was completed in the Lobo trend with an initial production rate of 11.7 million cubic feet of gas per day (net 2.90 million cubic feet of gas to QSR's interest). Queen Sand Resources owns a 16% net profits interest and a 13.33% royalty interest in the well resulting in Queen Sand Resources paying 16% of the cost and receiving approximately 25% of the revenue.
In 2000, Queen Sand Resources has participated in two wells in the J.C. Martin Field. The first well, Mecom No. 108, has been completed. The second well is currently being drilled, and we have received a proposal for a third well.
Queen Sand Resources has participated in drilling 22 wells on this property since closing on the acquisition of its interest April 1998. The majority of the production in this field comes from the Lobo series of the Wilcox formation at 8,000 to 10,000 feet. We recently successfully re-completed one well in the middle Wilcox. The company believes that this zone holds significant development potential in the field. The deeper Cretaceous formation, the Navarro zone, also produces in the field.
``The Mecom No. 108 is another extremely good well for Queen Sand Resources. We are very pleased with the program to date,' said Bob Lindsay, Chief Operating Officer.
QSRI is an independent domestic oil and natural gas company established in 1994 to acquire, develop, operate and enhance oil and natural gas properties using conventional recovery techniques. An affiliate of Enron Corporation, an energy industry leader with assets of approximately $34 billion, holds a significant equity interest in the Company. Queen Sand Resources has interests in over 540 wells in six different hydrocarbon producing basins in the United States.
We make forward-looking statements in this document, and in our public documents to which we refer, that are subject to risks and uncertainties in addition to those set forth above. These forward-looking statements include information about possible or assumed future results of our operations. Also, when we use any of the words ``believes,' ``expects,' ``anticipates' or similar expressions, we are making forward-looking statements. Many possible events or factors could affect our future financial results and performance. This could cause our results or performance to differ materially from those we express in our forward-looking statements. These and other risks are described in the Company's publicly filed documents and reports that are available from the Company and from the SEC.
--------------------------------------------------------------------------------
Contact:
Queen Sand Resources, Inc.
Bruce Benn, 613/230-7211, ext. 226
www.qsri.com
--------------------------------------------------------------------------------
More Quotes and News: Queen Sand Resources Inc (OTC BB:QSRI.OB - news)
Related News Categories: oil/energy
-------------------------------------------------------------------------------- |
