Wiser Oil Expands Core Area in Southwest Louisiana
The Wiser Oil Company
|Wednesday, January 21, 2004
The Wiser Oil Company has entered into a long-term agreement with a private Dallas-based minerals company to explore and develop approximately 141,000 acres in western Calcasieu and Beauregard Parishes, La. Wiser will operate this property with a 50% working interest. Financial terms were not disclosed. There were no reserves or production associated with the transaction.
This large, under-explored acreage block is located immediately east of the Texas state line and encompasses several active plays, including the prolific Frio, Hackberry, Yegua, and Wilcox trends. Wiser's exploration team has already identified over 30 prospects and leads within the acreage block. The first prospect to be tested, the NW Starks Prospect in Calcasieu Parish, is a high-impact 13,500' pressured Yegua test that will be drilled in the second quarter, 2004. The Company has plans to drill a minimum of two additional prospects on the acreage block this year.
George K. Hickox, Jr., Chairman and Chief Executive officer, said, "This acquisition adds to an important new core area that we established last year in our U.S. operating base, and will expose the Company to significant exploration opportunities over the next several years. Portions of the acreage have extensive 3-D seismic coverage, and the acreage has been sparsely tested for the targets we intend to pursue. The addition of this asset is another important step in balancing our existing developed long-lived U.S. reserve base with a portfolio of quality onshore exploration projects."