The Biloxi Marshlands project area targets the prolific Cris "I" sands which the Company believes have been under-drilled and under-exploited until recent discoveries in the area. Meridian has options and leases comprising approximately 200,000 acres in its Biloxi Marshlands project area. The Company plans to continue shooting additional 3-D seismic surveys in the area covering all of its acreage plus approximately 200,000 additional acres of state water bottoms, for an approximate total of up to 500 square miles of new proprietary 3-D seismic data.
Meridian maintains its exploration and exploitation focus searching for new reserves in south Louisiana and the south Texas Gulf Coast region. The Company believes that its exploration strategy will result in plays similar to its Biloxi Marshlands project area and its Thornwell field in west Louisiana, both of which utilize 3-D seismic to identify potential hydrocarbon indicators for shallower, higher-confidence, multiple-well plays.
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