The SS 322 #1 was tested in December at rates of up to 16 million cubic feet of gas per day. The well will be tied back to an existing production platform using subsea technology with first production anticipated in early 2004. Wiser owns a 25% working interest in SS Block 322 which is operated by Remington Oil and Gas Corporation. At West Cameron Block 488, production was initiated in mid-December from the discovery well announced in August of 2003. The WC 488 #1 was placed on line at a rate of 9.7 million cubic feet of gas per day. Wiser owns a 25% working interest in WC Block 488, which is also operated by Remington.
George K. Hickox, Jr., Chairman and Chief Executive officer, said, "We are very pleased with the results of recent activity in the Gulf of Mexico. The test rates from Ship Shoal Block 322 are among the best we have experienced since moving into the area 2001. Production from that well, along with the very nice rate coming from West Cameron 488, will be significant contributors to production growth for the Company in 2004."
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