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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (179)	4/26/1999 10:59:00 AM
From: Ronald J. Clark	Read Replies (1) \| Respond to of 318

Check out this announcement regarding a recent TMR field discovery: News April 26, 06:15 Eastern Time HOUSTON (April 26) BUSINESS WIRE -April 26, 1999--The Meridian Resource Corporation (NYSE: TMR) today announced the test results of its C. M. Thibodaux No. 1 well, a new field discovery at its Lily Boom prospect in the North Turtle Bayou/Ramos 3-D seismic project, Assumption Parish, La. The well was drilled to a depth of 19,270 feet and recorded over 223 feet of pay in three (3) separate Operc-aged sands below 17,500 feet. The initial completion will be made in the deepest sand which logged approximately 61 gross and net feet of pay from 19,124 feet to 19,185 feet. The well tested at a stabilized rate of 12.664 million cubic feet of gas per day (MMcfd) plus 1,224 barrels of condensate per day (BCPD) at a flowing tubing pressure of 13,285 pounds per square inch (psi) on a 16/64 inch choke. Bottom hole shut-in pressure was calculated at approximately 18,000 psi. Because of intense heat from the flares from the three vertical flare stacks installed to test the well, testing was restricted in time and rates out of an abundance of precaution for the safety of personnel and crews. The company expects to complete the installation of production facilities and place the well on line during June 1999. Production capacity at the facilities currently being installed will exceed 80 MMCF/D of gas and 5,000 BOPD. Based on current measurement and depending on reservoir characteristics, Meridian plans to flow the well at an initial rate of approximately 18-20 MMCF/D plus associated condensate expected to approximate an additional 1,600-2,000 Bbls/D. Additional wells are planned in this accumulation with others scheduled to be drilled in fault traps adjacent to the discovery. Meridian is the operator of the prospect and participated in the Thibodaux No. 1 well for approximately 71% working interest. Additional interests in the well are held by Burlington Resources Inc. (NYSE: BR) and private investors. The North Turtle Bayou project was internally generated by Meridian over which Meridian and Burlington conducted extensive 3-D seismic surveys. The companies have identified other areas within the 3-D survey that they also consider prospective. They also have an apparent large discovery at their Rockefeller Refuge prospect awaiting logging. The original targeted reserve estimate at this prospect was 500bcf. TMR has 47% w.i. Ron Clark