Don't have any either. But does look like a good release:
<The Meridian Resource Corporation Announces Weeks Island
Discovery/Test Results and Provides Operational and Financial Update
Wednesday February 4, 2:02 pm ET
HOUSTON--(BUSINESS WIRE)--Feb. 4, 2004--The Meridian Resource Corporation (NYSE:TMR - News) today announced the discovery of additional reserves in its Weeks Island field following the completion of the Myles Salt Company 29-1 well. The well was drilled to a total measured depth (MD) of 7,502' (6,979' TVD) and logged 71' of pay from a gross interval of 6,580' to 6,660' in the u-5 sand. The well was perforated and tested at initial rates of 1,046 barrels of oil per day (BOP/D) and 575 thousand cubic feet of gas per day (Mcf/d) and no water at 760 pounds per square inch (psi) flowing tubing pressure. Shut-in pressure was 1,000 psi. The well was placed on production at 1,000 BOPD and 595 Mcf/d immediately after testing. Meridian is the operator and owns 93% working interest (WI) and 72.6% net revenue interest (NRI).
Meridian's CEO commented, "We are extremely pleased with this discovery as it confirms the application of newly-defined processing technology to our 3-D seismic and continues to extend the reserves and life of this 60-plus year old field. This is the first of five (5) exploration and development wells scheduled to be drilled in the Company's Weeks Island field during 2004 where we will be pushing the limits of the salt overhangs for new reserves."
The Company also announced that it intends to increase its capital budget to approximately $95 million for 2004 or 25% over its 2003 spending. During 2003, the Company turned production declines into growth with drilling successes in its core area of south Louisiana where it used its proprietary 3-D seismic to develop an inventory of low-risk exploration and exploitation plays. The results are delivering solid production increases with improved returns and enabling Meridian to increase drilling activities to a level of 20-30 wells during 2004, primarily focused in its Biloxi Marshlands project area. In addition to increased drilling activities, Meridian will extend its proprietary 3-D data base at Biloxi Marshlands with the shooting of 258 square miles of new data, the total of which ultimately will provide over 578 square miles covering approximately 400,000 acres in St. Bernard Parish, Louisiana. The 2004 exploration drilling and seismic acquisition activities were initiated in January. It is anticipated that the Biloxi Marshlands project area will comprise a substantial portion of the Company's future drilling inventory over the next several years as it continues to work the entire 3-D data set ranging in depths from shallow to deep for new prospect opportunities.
During 2003 and the first quarter 2004, the Company substantially improved its balance sheet and capital structure by paying down its outstanding debt by $52.8 million, reducing its Senior Bank facility from $165 million to $121 million and a portion of its sub-debt from $18.8 million to $10 million. In addition, outstanding Preferred Stock was reduced from a total of $72 million in value of shares outstanding, to approximately $59 million as a result of conversions to common stock. Consequently, the Company's debt to book capitalization has been reduced from 50% as of December 31, 2002, to an expected 37% as of current date. The Company plans to further simplify its capital structure and reduce total outstanding debt by an additional $35-40 million during 2004, based on current projections of commodity prices, production levels and the current stock price.
Meridian maintains its exploration and exploitation focus searching for new reserves in the south Louisiana and south Texas Gulf Coast regions. The Company believes that its exploration strategy will result in plays similar to its Biloxi Marshlands Project area and its Thornwell field in west Louisiana, both of which utilize 3-D seismic to identify potential hydrocarbon indicators for shallower, higher-confidence, multiple-well plays.
Safe Harbor Statement and Disclaimer
Statements identified by the words "expects," "projects," "plans," and certain of the other foregoing statements may be deemed "forward-looking statements." Although Meridian believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices.
These and other risks are described in the Company's filings with the Securities and Exchange Commission, including its reports on Form 10-K and Form 10-Q.
The Meridian Resource Corporation is an independent oil and natural gas company engaged in the exploration for and development of oil and natural gas in Louisiana, Texas, and the Gulf of Mexico. Meridian has access to an extensive inventory of seismic data and, among independent producers, is a leader in using 3-D seismic technology to analyze prospects, define risk, and target high-potential wells for exploration and development. Meridian is headquartered in Houston, Texas, and has a field office in Weeks Island, Louisiana. Meridian stock is traded on the New York Stock Exchange under the symbol "TMR.">
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