SECOND EAGLE POINT WELL CONFIRMS SIGNIFICANT DISCOVERY IN
GALVESTON BAY FOR TRANSTEXAS AND DAVIS
Electric Logs Indicate Total Net Pay in Excess of 100 Feet
HOUSTON, January 20, 1998 - TransTexas Gas Corporation (NYSE: TTG) today
said that it had successfully drilled and logged a confirmation well in its Eagle Point
natural gas field in Galveston Bay, TX. The State Tract 331#3 well was drilled to a total
depth of 15,913 feet and logged a total of 134 feet of pay. This second well in the field
is located approximately half a mile northeast of the discovery well, the State Tract
331#1.
This second well essentially confirms the significance of the initial discovery by extending
the proven areal extent of the sand tested in the State Tract 331#1. TransTexas said
that it intended to conduct production flow tests of the well as soon as completion could
be accomplished within the next 2-3 weeks. This second well is expected to produce a
similar flow test rate to the State Tract 331#1,which was reported on January 8 of this
year as 76.4 million cubic feet of natural gas per day (MMcfd) and 11,002 barrels of
crude and condensate per day. These first two wells in Eagle Point are both expected to
commence production by late March or early April.
The new field lies in an area of Galveston Bay long overlooked by other energy interests
about one mile off the coast of San Leon, a city roughly halfway between Galveston and
Houston. The Eagle Point field is one of several prospects controlled by TransTexas &
Davis in the Galveston Bay area. On January 6, TransTexas was the successful bidder
on an additional 2,055 acres in State Tracts 308, 352 & 353. These blocks are
adjacent to the north, west and southwest perimeters of the Eagle Point field in State
Tract 331.
The discovery and development of Eagle Point, and the Company's other Galveston
Bay activity, are important steps in TransTexas- major shift in its strategic direction and
asset base. The pending start-up of production from the Eagle Point field illustrates the
company's strategy to focus on high-impact areas located along productive trends.
TransTexas Gas Corp., with headquarters in Houston, Texas owns a fleet of 24 drilling
rigs, operates a full-line services division and acts as the operator for the Eagle Point
drilling and production activities. |
