Meridian Resource Provides Operations Update
The Meridian Resource Corporation announced that new production from recent discoveries has increased the Company's daily production volumes to its net interest by 11.6 million cubic feet of natural gas per day on an equivalency basis (Mmcfe/d), which equates to an increase over 10% in net daily production.
In other operations, the Company announced that it has completed the sidetrack operations on its Hughes No. 1 well, East Lake Arthur field, Jefferson Davis Parish, Louisiana, and is preparing the well for completion in the lower Bol Mex 5 sand package. Electric logging operations have confirmed the original reports on the discovery well. It is anticipated that, barring no unusual circumstances, the well will be placed on production during October. The Company holds leases over approximately 2,300 acres in this highly prospective area. Additional wells in this area are anticipated to be drilled to develop the Bol Mex sands beginning in late 2001 or early 2002.
The Lakeside SL 15223 No. 2 well, Cameron Parish, Louisiana, resumed drilling operations and is currently drilling below 14,404 feet with a total depth of 17,409 feet. Targeted sands include the highly prolific Marg Howei sands, the Camerina sands and the Miogyp sands. An extension was granted by the Lacassine Refuge for Meridian to drill through Oct. 31, 2001 or for an additional month to complete this well.
The Williams Land Company No. 1 well in the SW Donner prospect area of the North Turtle Bayou/South Ramos field is currently drilling below 18,000 feet to test the Operc sands. Target depth is 18,500 feet. Two recent development/exploitation wells, the Avoca 25-2 and the Avoca 47-2 wells, encountered the major down-thrown fault in an unfavorable structural position relative to the seismic and subsurface interpretations and are being evaluated by the Company for further drilling during 2002.
The Avoca No. 1 well, a farmout in the Company's North Turtle Bayou/Ramos field, Assumption Parish, Louisiana, has been evaluated with electric logging operations with apparent pay in multiple sands. Although a unit has not been established as of this date, based on internal estimates Meridian will own an approximate carried working interest of 74% in the sands of interest.
The East Hagler Unit No. 1 well, Dickinson Prospect, Galveston County, Texas, is currently drilling at 13,833 feet. If successful, this Vicksburg play will establish additional drilling opportunities for the Company in this area during 2002.