Meridian Provides Production Update

Initial production on Meridian's two new exploration wells, the SL 15223 No. 1 well, in the Lakeside prospect area, Cameron Parish, and the Petitjean 17-2 well, in the Thornwell prospect area, Jefferson Davis Parish has begun.

The SL 15223 No. 1 well was drilled to a total depth of 18,006 feet. The well was tested at a gross daily flow rate of approximately 8.0 million cubic feet of gas per day (MMcf/d) and 250 barrels of oil per day (BOPD), on a 13/64th inch choke with a flowing tubing pressure (FTP) of 10,200 pounds per square inch (psi). Shut in pressure was 11,900 psi. The well is currently on production into the sales line. Testing has begun on a separate fault block within the same play.

The Petitjean 17-2 well tested a gross daily flow rate of approximately 7.5 MMcf/d and 127 BOPD on a 20/64th inch choke at a FTP of 2,150 psi. Electric logs indicated pay in the objective Marg Idio sand with a productive interval of approximately 131 gross feet (129 net feet). This well is a continuation of Meridian's program to exploit the prolific Marg Idio sands located in its Thornwell field. As tested, the two wells will add a gross total of approximately 17.8 million cubic feet of gas equivalent per day (MMcfe/d), with approximately 5.7 MMcfe/d net to Meridian's interest after royalty burdens.


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