The most prospective 40 foot zone in the Middle Yegua formation was perforated at 5,350'. The well came on immediately and began to unload KCl fluid. On a 7/64 choke, the well unloaded all fluid while flowing at a rate of approximately 450 to 500 mcf gas per day. Shut in pressures built to approximately 2,000 psi. A four point flow test was conducted at various chokes with stable wellhead pressures. The choke sizes were 6/64 to 9/64 with pressure drawdowns of 175 psi. The absolute open flow rate was calculated at 7.334 MMCF per day. Extraplolated flow on a 1/4" choke is projected to be 1.53 MMCF per day. The BTU content was measured at 1.117 million BTU per thousand cubic feet of gas indicating an 11% premium on the posted gas price.
Downhole log analysis indicates the well has similar characteristics as the Swickhiemer No. 2 well located 3/4 mile to the southeast. This well produced 1.9 BCF with initial production of greater than 2MMCFPD.
The 272 acre Stewart East Property is located in Goliad County, Texas within the Jobar field. In late 1997, Edge Petroleum discovered the Jobar field, with production from the middle Yegua formation between 5300 and 5500 feet. There are 9 wells in the field which have produced to date a cumulative 5.894 Bcf (billion cubic feet) of gas, an average of 655Mmcf (million cubic feet) per well. The field appears to be a series of isolated bar deposits trending in a north east/south west direction. The field was discovered using 2D seismic amplitude analysis. The well tested an amplitude anomaly based on Horizon's 3D seismic program conducted over the property.
The Company holds a 10% working interest in the Stewart prospect comprised of the Stewart East and the Stewart West properties covering approximately 544 contiguous acres. The property has the capacity to host up to seven wells including several wells to test and develop the Wilcox formation.
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