Joe,
Here is the news:
HOUSTON--(BUSINESS WIRE)--June 19, 1997--Fortune Petroleum Corp. (ASE:FPX/FPX.W) Thursday announced that the Schwing No. 2 was successfully drilled and dually completed at its East Bayou Sorrel Field in Iberville Parish, La.
The step-out well encountered approximately 89 feet of pay in nine potentially productive zones in the 13,480-foot well bore. Completions were made in the Cib. hazz ``2'' sand and the Marg. howeii 1, 2 and 3 sands for a combined flow rate of 1,487 barrels of oil and 2.2 million cubic feet of natural gas per day.
Individually, the Cib. hazz ``2'' completion flow tested at a rate of 912 barrels of oil and 1 million cubic feet of natural gas per day on an 8/64" choke at 6,800 psi flowing tubing pressure, and the three Marg howeii sands tested at a rate of 575 barrels of oil and 1.2 million cubic feet of natural gas per day on a 9/64" choke at 6,900 psi flowing tubing pressure.
This production is being immediately connected to the recently constructed East Bayou Sorrel production facilities and will be added to the 1,400 barrels of oil and 1.4 million cubic feet of natural gas per day being produced from the Schwing No. 1 discovery well.
The dual completion involves perforations in 28 feet of net pay in the Cib. hazz ``2'', and 27 feet of net pay in the Marg. howeii sections. Each of the three Marg. howeii sands are also present and appear productive in the Schwing No. 1 discovery well.
In the past, Fortune has only been credited with proven reserves in the Cib. hazz sand sections of the East Bayou Sorrel field. Accordingly, Fortune believes that the completion of this well will result in an increase to its total proved reserves, as well as its proved developed producing reserves. Fortune has an approximate 12.9 percent working interest in the field, which is operated by National Energy Group.
Fortune Petroleum is an independent oil-and-gas-exploration and production company with its principal properties located offshore and onshore Louisiana and Texas. Fortune Petroleum does business in Texas and Louisiana as Fortune Natural Resources Corp.
For a discussion of the contingencies and uncertainties affecting future events and forward-looking statements, see Fortune's Dec. 31, 1996, annual report on Form 10-K/A and its other Securities and Exchange Commission reports.
CONTACT:
Fortune Petroleum Corp., Houston
John L. Collins, 281/872-1170
Best of luck to all -- Ron Clark |
