The Greylock Tex L "C" sand structure is 3-D seismic and sub-surface supported and exhibits a seismic hydrocarbon anomaly that extends east and west along the axis of the structure. The prospect is located immediately southwest of a producing field discovered by Hunt Oil Company and may be part of the same structure.
The Marsh Island project comprises a quality portfolio of gas/condensate assets onshore/offshore Marsh Island in the Gulf of Mexico, including a 40 MMcfgpd production facility tied into the existing regional pipeline infrastructure. This facility has the potential to accelerate production timing and reduce capital costs upon successful completion of the exploration program.
The project is newly opened acreage in a prolific producing area which is virtually unexplored. The Company has an exclusive leasing option to acquire 18,158 acres within a 90,000 acre AMI (Area of Mutual Interest) that is surrounded by producing gas/condensate fields. Recent new discoveries in the vicinity include the Mound Point, Lake Sand and W. Cote Blanche fields with a total estimated 11.5+ trillion cubic feet of gas equivalent ("TcfGE"(i)). Over 24 prospects have been identified on the Marsh Island project on new 3D seismic. A multi-well program is planned for 2007.
The Company has recently completed the acquisition of an 18.1634% interest in the Marsh Island project and expects that it will also close, subject to regulatory approval, on the previously announced acquisition of an additional 17.4175% participating interest in the Phase I Area of the Marsh Island project over the course of the next several days for a total participating interest of 35.5809%.
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