Zapata exceeded its targeted exit rate of 3,000 boe/d for the second quarter and is currently producing at approximately 3,300 boe/d. Sales for the period are expected to average 2,400 boe/d as production was restricted by wet spring weather, operational problems and maximum rate limitations.
During 2004, the Company has drilled a total of 25 (15.6 net) wells, resulting in 15 (seven net) gas wells, five (4.3 net) oil wells and five (4.3 net) abandonments. An eight-well drilling program (100 percent owned) will commence in August. Additional drilling programs are scheduled for September and October.
The Company is targeting a third quarter exit rate of 3,700 boe/d as wells from the spring drill program are tied in. The planned drilling programs are expected to grow Zapata's production to in excess of 4,000 boe/d by year end.
Most Popular Articles