Manti Announces Biloxi Marsh Well Results

During the second quarter of 2001, Manti Operating Company completed the drilling of the Biloxi Marsh Well No. 1 on Biloxi Marsh Lands Corporation's property.

The primary objective of the well was the discovery and development of natural gas. The Biloxi Marsh Well No. 1 was drilled to a depth of approximately 9691 feet. Manti reports that approximately 245 net feet of gas was found in two sands within the Cris I Zone. In connection with the completion of the Biloxi Marsh Well No. 1 a 12-hour production test was conducted on the Biloxi Marsh Well No. 1. During this initial test the well flowed at a gross daily rate of 19.771 million cubic feet of gas with a flowing pressure of 3,000 psi on a 31/64th inch choke. Production of the Biloxi Marsh Well No. 1 is expected to begin later this year.

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