MSEH..Mesa Energy Holdings, Inc. Announces Results of the Recompletion of Three Wells in the Lake Hermitage Field
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Mesa Energy Holdings (OTCBB:MSEH)
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Today : Wednesday 20 June 2012
Mesa Energy Holdings, Inc. (the “Company”) (OTC: MSEH), an oil and gas exploration and production company, announced today that Mesa Gulf Coast, LLC, its wholly owned Louisiana operating subsidiary, has recently re-completed three wells in the Lake Hermitage Field located in Plaquemines Parish, Louisiana. The Company owns 100% working interest in the Lake Hermitage Field.
The LLDSB #3 was successfully re-completed in the UL-5 Sand zone at approximately 12,548 feet. In a four hour test on a 12/64ths choke, the well flowed at a rate of 1,972 mcf of gas and 101 barrels of condensate per day at a stabilized flowing tubing pressure of 2,900 psi.
The LLDSB #20 was successfully re-completed in the UL-1 Sand zone at approximately 10,055 feet. In a four hour test on a 14/64ths choke, the well flowed at a rate of 1,047 mcf of gas per day at a stabilized flowing tubing pressure of 1,175 psi.
The LLDSB #34 was recompleted in the A-79 sand at approximately 7,760 feet. The initial results were encouraging but the well abruptly stopped flowing and the Company is currently evaluating whether additional efforts on this well are warranted.
“We obviously had a wide range of results from these three recompletions. The early data from the recompletion of the LLDSB #3 in the UL-5 Sand has significantly exceeded our expectations and is very exciting and the UL-1 sand in the LLDSB #20 appears to be a solid gas producing zone. However, the LLDSB #34 did not perform as expected, which comes with the territory when doing recompletions,” said Randy M. Griffin, CEO of Mesa Energy Holdings, Inc. “Recompletions in up-hole zones are a quick and cost-effective way for us to increase revenue and reserves. We expect these efforts to continue to have a strong positive impact on both.”
The evaluation of a number of additional recompletion opportunities in both the Lake Hermitage and Valentine Fields is ongoing. In addition, the Company has staked two Proved Undeveloped locations in the Lake Hermitage Field and expects to drill the first of those developmental wells in the 4th quarter of 2012.
About Mesa Energy Holdings, Inc.
Headquartered in Dallas, TX, Mesa Energy Holdings, Inc. is a growth-oriented Exploration and Production (E&P) company with a definitive focus on growing reserves and net asset value per share, primarily through the acquisition and enhancement of high quality producing properties and the development of highly diversified developmental drilling opportunities. The company currently owns producing oil properties in Plaquemines and Lafourche Parishes in Louisiana as well as developmental properties in Garfield and Major Counties, OK and Wyoming County, NY.
More information about the Company may be found at mesaenergy.us./
Forward-Looking Statements
Certain statements in this news release, which are not historical facts, are forward-looking statements. These statements are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those currently anticipated due to a number of factors which may be beyond the reasonable control of the Company, including, but not limited to, the Company’s ability to locate and acquire suitable interests in oil and gas properties on terms acceptable to the Company, the availability and pricing of additional capital to finance operations and leasehold acquisitions, the ability of the Company to build and maintain a successful operations infrastructure, the intensity of competition and changes and volatility in energy prices. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in the filings of the Company with the U.S. Securities and Exchange Commission at www.sec.gov. |
