FIELD ACTIVITIES / Westfort Energy Acquires Seismic & Comments On Reserves
WESTFORT ANNOUNCES SEISMIC LINES ACQUIRED - LARGER OIL AND GAS
RESERVES INDICATED!
JACKSON, MISSISSIPPI, April 1 /CNW/ - Whitney Pansano, President of
Westfort Energy, symbol (WT-TSE), announced that the company has recently
secured four seismic lines run across Pelahatchie Field. Interpreted by third
party, independent geophysicist Wilbur Harper, of Jackson, Mississippi, the
seismic data indicates that the Norphlet structural trap actually covers
approximately 4000 acres.
Based on the newly acquired seismic data and the previous geological
studies by Harold Karges, geologist for Westfort, the company has since the
first of the year acquired additional mineral leases in order to more
adequately cover the prospect prior to drilling. The company now controls the
majority ownership in over 3200 net acres in the field; all of which the
company's geologist feels will be included in productive producing units.
In a report by Tierney and Associates, an independent engineering firm
based in Jackson, Mississippi, the firm assigned reserves totaling 28,561,899
gross oil reserves and 23,439 MMCF methane gas reserves to 1381 acres in the
field classified as either proved undeveloped or probable. Geological
interpretations based on Harold Karges' geology, together with the new seismic
interpretations by geophysicist Wilbur Harper indicate that oil and gas
accumulations underlie a much larger acreage than those under which lie the
proved and probable reserves, and further support previous estimates in which
geological and engineering studies indicate that the Norphlet zone contains at
least 40 million barrels of recoverable high gravity oil and 40 billion cubic
feet of saleable methane gas. In fact, Mr. Harold Karges opines that ''The
Norphlet formation in Pelahatchie Field contains the largest known
accumulation of on-shore proved undeveloped oil and gas reserves in the
southeastern United States.''
The permit for drilling of the first Norphlet well to 17,350 fed has been
received from the Mississippi State Oil and Gas Board; the well has been
staked and site preparation to accommodate the drilling operations has begun. |
