Having successfully re-entered, cleaned out to total depth, logged and evaluated the first two wells in the program, the results thus far have exceeded management's initial expectations. Drew Maness, B.Sc., P.Eng. and Vice-President, U.S. Operations for the Company, reports that cased hole pulsed neutron logs run by Baker Atlas have revealed seven probable productive oil zones in the first well to a total of 56 ft., and 14 zones in the second well with a cumulative 96 ft. of probable oil.
Utilizing Moncla Well Service for work-over rig services, location has been prepared and the rig is scheduled to move to the third location next week. Meanwhile, the Company's production personnel have equipped the first well with holding tanks, separator, pumping unit and other production equipment and are prepared to start pumping the first well in a matter of days after finalizing the laying of flow lines.
In the case of the second well, production tubing has been installed and the well is scheduled for perforations in the first objective zone immediately. Simultaneously, a location for the holding tanks has been prepared while the Company awaits delivery of tanks, a new pumping unit and other production equipment - all to be installed upon delivery.
ODE purchased a controlling interest in Verba Field in the last quarter of 2005. Since the purchase of the property for a total of $1,100,000 ($500,000 of which was financed by the seller), the Verba Field has averaged approximately $100,000 gross income per month. It is the opinion of management that the four well re-entry program will significantly increase income from the field.
Odyssey Petroleum Corp. is a Canadian based junior oil and gas company traded publicly under the symbol ODE on the TSX-V Exchange. The Company holds assets of approximately $34,500,000 in five majority controlled oil and gas fields located in the States of Louisiana and Mississippi, U.S.A. The Company's mission is the discovery and development of economic oil and gas through the exploration of high quality projects located primarily in the Southeastern United States.
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