leroy: biz.yahoo.com
A related story..maybe this will be our story in April.
Tuesday October 13, 12:46 pm Eastern Time
Company Press Release
Sharpe Successfully Completes First Well on The Matagorda Gas Project
HOUSTON--(BUSINESS WIRE)--Oct. 13, 1998--Sharpe Resources Corporation (ME:SHO. - news; OTC BB:SHGPF - news) is pleased to announce it has successfully drilled and completed the first well on its 100 percent owned Matagorda Gas Project.
Well 582-5 was completed to 7,743 feet measured depth within the 582-gas unit. The vertical depth is 6,400 feet. The results of this work confirm four producible Miocene gas sand reservoirs in this well from the M-1 (6,458'), M-5 (7,148'), M-6 (7,312') and M-7 (7,148') zones. Each of the four (4) zones were dually completed.
Initial production rates for the M-7 are 4.5 MMCFPD at a flowing tubing pressure of 1,660 psi through 2 3/8 inch tubing with the M-5 at 4.7 MMCFPD at a flowing tubing pressure of 2,160 psi through a 2 3/8 inch tubing. The M-6 and M-1 zones are selective completions for future production when the currently producing zones are depleted.
Flow test results, i.e., improving flowing tubing pressures, confirm our expectations that this will produce approximately 10 million cubic feet per day from the M-7 and M-5 reservoirs. An in-progress two well recompletion program should add significantly to the current production rate from Matagorda. This latest development has increased the total daily production at Matagorda from 1.3 MMCFPD to 10.2 MMCFPD. The gas price for October is US $2.14/MCF.
The company is currently evaluating the shallow (2,000'-5,000') gas potential for the State of Texas 571, 582 and 444 offshore leases. Plans include detailed evaluation of the shallow gas sands in this area with the 2-D and 3-D seismic data. This area offers very good potential to increase reserve potentials of between 4-6 bcf in the vicinity of the main 582 production platform. The company will expand the 3-D seismic evaluation to include the balance of the currently held leases later in the year.
Additionally, the company will test two attic reserves on the 582 and 483 leases, possibly as the next two drilled wells on the property. This effort is expected to access an additional 3-5 bcf of reserves per location in 1998. Plans include drilling up to 2-3 additional wells within the 582 and 483 gas fields. This program is designed to increase and maintain a production rate of approximately 15-16 MMCFPD for the property within the next 2-4 weeks.
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