President announced that evidence from electric wire line logs at the McKerall 1 sidetrack indicates that commercially productive oil reserves have been identified totaling some 15 feet of projected pay.
The reason for drilling the sidetrack was to capture reserves not able to be produced from the original hole at McKerall 1.
The well is expected to be completed as a producer and placed on-line shortly. President has a 49% net revenue interest in the production from the sidetrack.
President is currently achieving realizations in excess of US $100 per barrel for its oil in Louisiana and enjoying net backs after tax in excess of US $75 per barrel.
President is also pleased to announce that Well 53 at East White Lake, Louisiana, the twin to the previously drilled Well 49 which encountered higher than anticipated pay, is expected to spud in mid-November.
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