| Well |
Project |
Interest |
Spud Date |
TD |
Notes |
| Mount Moran North Prospect |
Marsh Island (Marsh Island and Inland Waters) |
12.4535% |
Mid June, 2008 |
17,004' |
This prospect was jointly drilled with Contango Operators, Incorporated ("Contango") through the Company's Joint Exploration Agreement. The Mount Moran North prospect was drilled to a total depth of 17,004' TVD and encountered 98' TVD net effective gas pay in three separate gas bearing sands.
A successful well test was completed on the lowermost of 3 zones. The zone was tested on September 12, 2008 at a rate of 6.4 MMCF/D and 331 BC/D with 10,874 psi FTP. The remaining two zones will be tested at a later date once production from the lower zone has been completed. The well will be tied into Contango's EI 11 production facility for processing and sales and should be on line in 8 weeks.
|
| Smoothe Prospect Block South Timbalier #49 |
Federal Shallow OCS Blocks |
33.33% |
End of August |
18,300' |
A Participation Agreement with Mariner Energy, Inc. and Apache Corporation to jointly drill and develop the Smoothe Prospect located in the South Timbalier Area, Block 49. The well is planned for a total depth of 19,325' MD/18,300' TVD which should be reached in early December. |
| Haystack Prospect #SL19149 |
Marsh Island (Marsh Island and Inland Waters) |
35.5809% |
Mid June, 2008 |
10,740' |
The Haystack Prospect was drilled to a total depth of 11,028' MD/10,740' TVD utilizing the rig Hercules #49 and has been fully evaluated. Based on log correlations, the expected Tex W3 sand is present in the wellbore but log analysis indicates the sand is wet. The Company is currently performing plug and abandonment operations on the wellbore. |
| Eugene Island Block 164 #1 |
Federal Shallow OCS Blocks |
10.0% |
June, 2008 |
16,200' |
The EI 164 Prospect which is operated by PetroQuest Energy, LLC was drilled to a total depth of 15,689' MD/15,538' TVD utilizing the Blake Rig #303 and has been fully evaluated.The well discovered a non-commercial gas accumulation in the upper objective the Tex X lower sand. The main objective Big A-4 sand came in as expected in terms of depth and thickness but log analysis indicates the sand is wet. PetroQuest is currently performing plug and abandonment operations on the wellbore. |
| Eagle Nest Project
Eugene Island Block 6 |
Marsh Island (Marsh Island and Inland Waters) |
12.4535% |
April 7, 2008 |
16000' |
The well is tied--in line to Contango's EI 11 production facility for processing and sales.
The Eagle's Nest well has been on production since July 24th and is currently producing at a rate of 41.4 MMCFPD and 775 BOCPD.
|
| Broussard Estes #1 |
La Posada (Marsh Island and Inland Waters) |
21.87% (earning) |
August 10, 2007 |
|
Planned total depth is 19,368' TVD/MD.
Reached a depth of 15,253 feet and encountered subsurface conditions that have resulted in suspension of drilling operations. The Company and its partners are evaluating re-entering the existing well bore or commencing drilling operations from a new location. |
| Mustang Island 736 #1 |
Mustang Island (Federal Shallow OCS Block) |
100% |
August 4, 2007 |
11,190 |
The Mustang Island 736 #1 side-track well was drilled to a total depth of 11,190' MD. The well was evaluated with open-hole logs and production casing was run on apparent petrophysical gas pay. The two formation tests completed in the well bore flowed formation water and therefore the well was assessed as non-commercial. |
State Lease 19269 #1
(Bootspur Prospect) |
Marsh Island (Marsh Island and Inland Waters) |
35.5809% |
June 24, 2007 |
15,788' |
Log analysis indicates that the primary Cib Op section has discovered a sub-commercial gas accumulation with an estimated 6 - 12 feet of laminated pay. However, the shallower Cris I sand appears to be gas saturated and the well will undergo further evaluation to determine its economic viability as a potential completion. |
| West Cameron Block 332 #1 |
West Cameron (Federal Shallow OCS Block) |
25% |
June 2, 2007 |
14,250' |
Wire-line log evaluation indicates non-reservoir quality silts and tight sands in the objective section. Plugged and abandoned. |
| Greylock #1 |
Marsh Island (Marsh Island and Inland Waters) |
54.5509% |
February 19, 2007 |
10,500' |
Encountered 18 feet of Miocene Tex L "C" gas bearing sand with an average porosity of 29%. Commenced production on June 8, 2007 at a rate of 3.1 MMCF/D. At August 14, the well was producing at a rate of 4.4 MMCF/D. |
| State Lease 16194 #1 and #2, adjacent to the Company's El-7 production facility. |
State Lease 16194 (Marsh Island and Inland Waters) |
35.5809% |
two idle wells returned to production |
|
Two wells produce at a combined stabilized rate of approximately 1.0 MMCF/D (August 14, 2007) from the Textularia "W" Formation. |
