With a successful completion of the Harstad #1-15H well the Company expects that additional development wells may be drilled on the 3116 gross acres in which the company has acquired an interest.
The Company would also like to announce that it has acquired 11,000 net acres in the Canyon Creek Prospect and 4000 net acres in the Lucky Pierre Prospect, both of which are located in the State of Montana. These two prospect additions join the 1,800 net acres in the Pioneer Prospect, which is located in the State of Wyoming where the company has initiated leasing.
At the Mallard project in Uinta County, Wyoming, the Company was informed by the operator that the drilling rig the Company expected to use to drill the reentry of the UPRC #25-1 well has been released temporarily to drill an intervening well for another operator. The earliest the drilling rig could be available to drill the UPRC #25-1 well is in March 2007.
The Duck Federal #1-30 well located in Uinta County, Wyoming continues to produce. Current production is approximately 5 MMCFD of gas, 75 barrels of associated condensate and 300 barrels of water per day. In the Constitution Field of Jefferson County, Texas at the Company's Madison Prospect, the Manus G.U. #1 well continues to improve and is currently producing approximately 2.4 MMCFE per day. The Wall #1 well, also located in the Madison Prospect, has been completed and is currently undergoing testing.
In the Nome Field located in Jefferson County, Texas the testing of the Nome-Long #1 well has been delayed pending the construction of the Nome Central Facility by the operator. Once this facility is complete, the Company expects the Nome-Long #1 well will be tested.
Current daily production remains over 5 MMCFE per day and PYR is 100% unhedged.
Commenting on these announcements Ken Berry, PYR's CEO, stated, "The Company continues to look for opportunities to improve shareholder value and views the commencement of exploration activities in the Williston Basin of North Dakota as another step in that direction. The Company has aligned itself with a technical team with years of experience in this basin and we anticipate this relationship will lead to additional drilling opportunities for the shareholders of PYR. While the Company is constantly considering outside opportunities, we are also developing leasehold positions in prospects generated internally. The acreage positions the Company has taken in the Canyon Creek, Lucky Pierre and Pioneer Prospects are just an example of these early development, internally generated prospects."
Denver based PYR Energy is an independent oil and gas company primarily engaged in the exploration, development and production of natural gas and crude oil. At the current time, PYR's activities are focused in select areas of the Rocky Mountain region, Texas and Oklahoma Panhandle, East Texas, and the Gulf Coast.
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