More good news out of TMR today:
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Wednesday March 12 8:01 AM EDT
Texas Meridian Announces 1,400 Barrel Per Day
Discovery Well in Its East Cameron Field
Third Fault Block Discovery Increases Reserves and Areal Extent of Field
HOUSTON, March 12 /PRNewswire/ -- Texas Meridian Resources Corp announced today that it
has increased the oil and gas reserves and areal extent of its East Cameron Field with the Davis No.
26-1 discovery well. Initial production testing on the Davis No. 26-1 resulted in daily rates of up to
2,000 barrels of oil per day (BOPD) with 6,000 pounds per square inch (psi) of flowing tubing
pressure. The well is currently flowing into sales facilities at the field allowable rate of 1,400 BOPD
and 300 thousand cubic feet of gas per day (MCF/D) at 6,050 psi., from the Abbeville formation.
The Davis No. 26-1 well is in a separate fault block from the two other fault blocks discovered by
the Company's earlier wells in its East Cameron Field, and represents new reserves not reflected in
the Company's year end financial statements. The well is the Company's fourth well drilled and
placed on stream in the field since May of 1996, and brings expected daily field production to
4,000 BOPD and 1,850 MCF/D, of which approximately 40% is attributable to the Company's net
interest. Based on these expected rates, the Company's current average daily net oil production
from the East Cameron Field alone will exceed its average daily net oil production for 1996 from all
sources.
The East Cameron Field as discovered to date covers an area approximately 3 1/2 miles long, and
now represents the Company's largest source of net oil and gas reserves. The Company expects to
spud another well in this new fault block before the end of the month, and at least two additional
wells in the field before the end of the year. The East Cameron Field is operated by Texas
Meridian, which holds a 62% working interest. Other owners include H. L. Hawkins, Jr. (25%),
Optima Petroleum USA (8%) and private companies (5%).
Certain of the foregoing statements may be deemed "forward-looking statements" within the
meaning of the Securities Exchange Act of 1934. Although the Company believes that the
expectations reflected in such forward- looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the
Company's business are set forth in the filings of the Company with the Securities and Exchange
Commission. These risks include price changes for oil and gas, risks regarding estimates of reserves,
production risks, governmental regulations and general risks regarding the exploration for, and
production of, oil and gas reserves.
Texas Meridian Resources Corporation is an independent oil and natural gas company engaged in
the exploration for, and development of, oil and natural gas properties utilizing 3D seismic
technology, primarily in south Louisiana and southeast Texas. The Company's office is located in
Houston, Texas and its shares are traded on the American Stock Exchange under the symbol
"TMR". SOURCE Texas Meridian Resources Corporation <<
This is 114 BOPD net to Optima. Things are getting better and better.
Best Regards,
Amit |
