Stone Energy Says South Pelto 22 Production Stabilized
|Wednesday, June 23, 2004
Stone Energy reports that production from South Pelto Block 22 has reached stabilized producing rates. Preliminary estimates for this new field indicated primarily natural gas production; however, the initial completions are generating primarily oil production. Two wells in the field are flowing at a combined stabilized gross daily rate of approximately 2,000 barrels of oil and 5.3 MMcf of natural gas. The third well will be re- completed within the next seven to ten days to an up-hole zone after depletion of the first of six pay zones logged productive in the well. Stone has a 50% working interest and 40.7% net revenue interest in these wells before adjustment for royalty relief.