Petrosearch Provides Update on SW Garwood Project
Petrosearch Energy Corp. on Monday issued an update on its project in the SW Garwood Field in Colorado County, Texas. The Garwood project includes two producing wells and 1 well currently drilling, all operated by the company. The wells exploit the Upper and Lower Wilcox formations.
Of the 2,402 acres in the prospect, the company now has: 20% heads-up working interest in approximately 240 acres; 16.00% working interest after payout on a well by well basis in 1,718 acres; and 21.5% working interest after payout on a well by well basis in 444 acres.
The Kallina 46 #1 completed drilling on August 6 and reached its targeted depth of 16,230 feet. Logs are currently being run. The well was spudded on June 17, 2006. Data available while drilling indicates several potentially productive Wilcox sands from 10,400 feet to 16,100 feet which will be confirmed shortly by logging. Many of these sands have been, or are, currently productive in the field or the immediate area. The well is expected to exploit zones equivalent to those being produced by the Pintail Flats #1 and those drilled and being drilled by Petrohawk Energy Corp. and Cabot Oil & Gas Corp. immediately to the southwest of the Kallina 46 #1 location. The initial reported test of Petrohawk's Garrett #1 is 11,235 Mcfd after stimulation. The company has a 16% back-in interest after payout in the Kallina 46 #1 well.
During the week beginning July 31, 2006, the company completed a successful hydraulic fracture stimulation of the Pintail Flats #1 well in a sand at 15,100 feet, up hole from the original completion. Initial flow rate following stimulation was as high as 2,800 Mcfd while flowing back the fluids from the stimulation job. Gas sales from the well began on August 3 and while the well continues to clean up, the rate is being restricted to approximately 2,000 Mcfd. The well has an additional 2 potentially productive zones in the Lower Wilcox and 3 in the Upper Wilcox. This is the second well drilled by the company in the field and was originally completed and fracture stimulated in May 2005 from 15,595 feet to 16,010 feet in the Lower Wilcox. Completion problems resulting from the fracture treatment resulted in the well under-performing (at about 210 Mcfd) compared to expectations which prompted the decision to recomplete up hole. The company has a 16% working interest in the well after payout.
The initial well on the prospect, the Pintail #1, was completed in several Upper Wilcox sands at about 9,700 feet in December 2004. The well paid out in April 2006 and is currently producing approximately 385 Mcfd and 7 bopd; the company recently installed a gas compressor which is expected to increase production to approximately 700 Mcfd. Petrosearch has a 16% working interest in the well.
Petrosearch Energy Corp., a Nevada corporation with executive offices in Houston, Texas, was created by a team of seasoned and successful oil and gas professionals for the purpose of finding and developing oil and gas reserves across the United States. Petrosearch is currently active in Texas, Oklahoma, North Dakota, Louisiana, and Mississippi.
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