B-12 well - part of a new Development Program
The recompletion of the B12 well is a part of a new development program begun by GulfWest in May. Under the terms of a new financing, the company has up to $3.5 million of new capex available for performing workovers and facility enhancements. The development program includes workover projects to be done in the Lacassine and Grand Lake fields of south Louisiana, Madisonville field, various fields producing the Wilcox/Yegua/Frio formations along the Texas gulf coast, fields in Zavala and Palo Pinto counties of Texas, as well as the company's wells located in the D-J basin near Denver, Colo.
Applying Technology in Mature Fields
GulfWest has targeted various types of mature fields in Texas, Louisiana and Colorado for development and capturing of bypassed reserves. The company is applying new technology in these mature fields to increase production and recover additional reserves. In particular, new cased hole logging technology, combined with 3-D geologic interpretations, were utilized in the Lacassine field to select the recent recompletion zone.
In addition, the Lacassine field is a mature, strong water drive natural gas field, first discovered in the 1960s. GulfWest is using the 'coproduction' technique at Lacassine field to recover additional reserves. This method of production includes the production of larger volumes of salt water in conjunction with natural gas and oil to increase the recovery of reserves. By combining this production method with new technology, GulfWest has been able to develop previously abandoned reserves at Lacassine field.
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