Global Petroleum presented its Quarterly Report for the period ending December 31, 2010.
The first Eagle Ford well at the Leighton Project, Tyler Ranch EFS #1H was completed during the December quarter, having reached a total depth of 3,252m (10,670ft) and 1,372m (4,500ft) laterally. Good oil and gas shows were encountered during drilling, and following fracture stimulation and testing, the well had an initial flow in late December of 1,267 boepd, representing 1,202 bopd of light sweet crude and 782 mcfgpd of gas on a 16/64" choke.
Texon Petroleum Ltd (ASX: TXN) advised that Tyler Ranch EFS #1H produced 24,862 bo and 32,006 mcfg over the first 45 days on a restricted choke. This represents an average daily oil equivalent rate of 671 boepd (552 bopd and 711 mcfgpd) on the basis that 6mcf equals 1 barrel of oil equivalent. The 30 day rate on the same 6:1 basis was 716 boepd. The restricted choke is used to maintain reservoir pressure, slow the decline in production and potentially enhance oil recovery.
Global has a 7.939% working interest in the well. Global's beneficial interest (NRI) in the 45 day production is 5.95% or some 40 boepd.
The Company's share of oil and gas being produced from the well is now part of Global's revenue stream.
Global has a 7.939% working interest in approximately 1,651 acres beneath the Olmos formation including the Eagle Ford Shale. Global's interest in the Leighton prospect also includes a 15% working interest in approximately 873 acres from the surface down to the stratigraphic equivalent of the Olmos formation. Global has an interest in 7 producing Olmos wells.
Global expects to participate in the drilling of one Olmos production well during the current quarter, with Peeler #2 due to begin drilling in one weeks time.
The combined average daily production rate of the seven (7) Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2, Tyler Ranch #3, Tyler Ranch #4, Tyler Ranch #5 and Tyler Ranch #6) for the December quarter was a gross 421 boepd (186 bopd and 1,410 mcfgpd) with Global's beneficial interest (11.25% NRI) being 47 boepd.
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