The Meridian Resource Corporation has placed its Biloxi Marshlands ("BML") No. 19-1 well on sales on April 24, 2004. The well is producing from the Cris "I" sand interval at a stabilized gross daily flow rate of approximately 9.1 million cubic feet of gas per day (mmcf/d) with flowing tubing pressure measured at 3,000 psi through a 19/64" choke and shut-in tubing pressure measured at 3,250 psi. The addition of the BML No. 19-1 well brings total field production in the BML project area to approximately 63.5 mmcf/d gross (43.1 mmcf/d net to Meridian). The BML No. 19-1 facility also extends the main 12-inch pipeline approximately one mile toward the BML No. 6-1 producing facility and will be an important transportation line and outlet for future production additions in the field, including the recently announced BML22/SL 17980 #1 and the Ducros et al No. 32-1 well which is currently drilling.
The Ducros et al No. 32-1 well in the BML project area was spudded on Friday, April 23, 2004 and will be drilled to a measured depth of approximately 12,500 feet. The well is currently drilling at 4,015 feet and is expected to take approximately 30 days to drill and complete. The Company holds a 92% working interest in the well. In addition, Meridian anticipates that the second rig planned for the BML project area will arrive in May 2004 for the drilling of the BML No. 27-1 well on the Eros Deep prospect which is located near the Ducros et al No. 32-1 and BML22/SL 17980 #1 wells and others scheduled amongst the 15 - 20 wells in the BML project area Meridian has previously announced that it anticipates drilling during 2004.