Monday May 22, 4:32 pm Eastern Time
Company Press Release
Recompleted Well Producing 10,302
MCFPD
HOUSTON--(BUSINESS WIRE)--May 22, 2000--PANACO (OTCBB:PANA - news)
announced today the D. T. Sturlese No. 1 well is producing 10,302 Mcf per day with 331 barrels
of condensate per day and 25 barrels of water per day. The well is in the Price Lake Field (the
Stallion Prospect). The well was placed on production May 17th.
The D. T. Sturlese Estate Well No. 3 is currently producing 7,405 Mcfd with 216 barrels of
condensate per day and 363 barrels of water per day.
The combined production from both wells at this time is over 17,000 Mcf per day with both
wells on restricted chokes.
PANACO Inc. is the operator of the wells and has a 56.25% working interest in the No. 1 well.
Partners in this well include St. Mary Land and Exploration Company (ticker symbol MARY)
with a 31.25% working interest and Carson Energy Inc. with 12.5%.
Larry Wright, PANACO's president and chief executive officer, stated, ``We are pleased with
this flow rate and the positive impact it will have on our cash flow.''
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, Houston
Michele Hines, 713/970-3100
Fax: 713/970-3151
www.panaco.com |
