Six wells have been drilled of the current ten-well program. Production casing has been set on four of these wells -- F-118, F-42, F-40, and F-39. All four of these Wells encountered zones of natural gas, and two of the four wells contain oil zones in addition to the natural gas. The results of the four successful wells to date are as follows:
Well Number Thickness of Thickness of and Total Depth Natural Gas Pay(s) Oil Pay F-118 3800 feet 13 feet 3 feet F-42 3050 feet 6 feet 4 feet F-40 3892 feet 2 feet 13 feet F-39 3900 feet 15 feet 4 feet
At present the F-118 and F-42 wells are being hooked up to the natural gas pipeline, and gas production should begin within three weeks. Connections to the pipeline should be complete for the F-40 and F-39 soon after. Potential flow rates will not be known until after connections are complete and production established, and will be reported at that time. The drill rig has now moved onto the P-36-2: the seventh well in the 10 well program.
Brinx President Leroy Halterman says that, "Brinx is keenly interested in our ability to participate in the long-term development of potentially over eighty wells at Palmetto Point." Halterman added that "the Palmetto project along with our Oklahoma assets have the potential to deliver significant value to our Company."
Brinx intends to evaluate the results of the ten-well program, as well as the technical information being generated through the drill program, and will determine the extent of its involvement in additional drill programs.
As announced March 8, Brinx has acquired an initial 10% interest in a 10-Well drilling program at Palmetto Point. Targets are primarily but not exclusively natural gas and the Operator -- Griffin & Griffin Exploration -- has already shot and analyzed extensive areas of 3D seismic and identified over 80 drill targets.
Griffin & Griffin Exploration is facilitating all aspects of the program including drilling, logging, testing, completing and equipping for production of all ten wells. The prospect wells are located in the Frio Geological Formation. Frio wells typically enjoy low finding costs and have a high degree of success. Griffin has utilized seismic "bright spot" technology, a technology that helps to identify gas reservoirs and to delineate the reservoir geometry and limits. Utilizing these critical factors has improved reserve estimates and the geologic success ratio.
The gas targets occur at shallow depths, and have minimal completion costs. The Frio in the area of Southwest Mississippi and North-Central Louisiana is a very complex series of sand representing marine transgressions and regressions and the presence of varying depositional environments. Structurally, the Frio gas accumulations are a function of local structure and/or structural nose formed as a result of differential compaction features. However, stratigraphic termination (i.e. up dip pinchout of sands within shales) also plays a role in most Frio accumulations. The stratigraphy is so complex that seismic HCL evaluations are the primary viable exploratory tool for the Frio prospect.
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