Pangea Petroleum revealed the results on its well in Liberty County, Texas. The well was spudded in late August and commercial reserves were logged in two very attractive zones in the Yegua sands, which are productive throughout the area. The first of these was completed and placed on production on Nov. 17, 2004. The zone was tested at an initial rate of 390 MCFD, and was placed on production at a controlled rate of 225 MCFD. The second zone remains behind pipe for completion in the future. Pangea owns a 5% working interest (3.75% net revenue interest) in the well.
"We are pleased to be generating revenue from this well prior to the end of the year when natural gas demand and pricing normally increases," notes Mark Weller, president of Pangea. "This is our second well in Liberty County, and was developed by Galisteo Energy, like the first well. The well fits nicely into our business strategy to build a portfolio of solid, revenue-producing prospects."