The Denver-based independent's first new drilling well in Greater Haley was completed and is currently producing at a rate of 7 MMcfe/d with a flowing tubing pressure of 5,800 psi after acid stimulation. The well was drilled to a total depth of 18,400 feet. The company is the operator and has a 100-percent working interest.
Forest's second new drilling well in this area is currently completing. The well had two zones fraced (out of the scheduled four zones), with shut-in tubing pressure of 12,000 psi prior to completion operations being delayed due to a wireline-set frac plug having mechanical problems. The well is expected to be completed in the second quarter of 2006.
The company also issued updated guidance for 2006. The guidance cnsiders the company's pending Cotton Valley property acquisition, which is expected to clse on March 31. It excludes the operations and activities of offshore Gulf of Mexico assets involved in the completed spin-off from January 1, 2006, to the dividend distribution date of March 2, 2006. Highlights of the guidance follow:
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