"We are pleased to announce that our Sherburne well, located in Point Coupee Parish, La., which has a target depth of 9,800 feet, should take approximately one month to complete drilling operations," said Michael P. Piazza, President and Chief Executive Officer.
"The prospect is a gas play up dip to two Texaco wells that were recompleted in the 1960s to shallower zones after producing more than 15 billion cubic feet of natural gas and 450,000 barrels of condensate," he continued. "The Sherburne Field was first discovered in the early 1950s and has produced approximately 120 Bcf of natural gas and 2.5 million barrels of oil. The company has a 15% before-payout working interest in the well. We will provide more information as the project progresses.
"Additionally, in our ongoing effort to identify, evaluate, and participate in high-potential development drilling projects, we will be attending the Summer NAPE 2006 convention in Houston later this month. This event is the premiere venue for the buying, selling and trading of oil and gas prospects from around the United States. This market place is an important time to expand our strategic alliances for development drilling projects similar to the ones we already have underway. As Ignis grows, these venues become increasingly important to us and provide strong relationship opportunities with operators, producers and deal makers in general."
Ignis Petroleum Group, Inc. is a Dallas-based oil and gas production company focused on exploration, acquisition and development of crude oil and natural gas reserve in the United States. The company's management has closely aligned itself with strategic industry partnerships and is building a diversified energy portfolio.
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