On May 25th the Baronet #3 well had a very successful gas test with shut in pressure of 2200# PSI before and after testing dry gas at the rate of 2300 MCF per day on a 12/64" choke. Equipment on location limited testing at higher rates of flow. It is anticipated that this well will be turned to sales within about 10 days at rates between 2500 and 3500 MCF of gas per day.
Houston American Energy Corp's final Working Interest in this well and the Hayes Production Unit is 17.5% with a net Revenue Interest of 13.125%. Since this well came in as originally mapped, reserve targets covering the 338 acre reservoir for the Hayes Sand of 11 BCF of natural gas and 30,000 barrels of condensate are possible. Individual wells have produced in the Crowley Field from the Hayes Sand 1 BCF of gas to as much as 23 BCF of gas.
"I am very pleased to report the results of the Baronet #3 well as it took somewhat longer than anticipated as extra care was taken to insure a successful effort and a good down hole completion. Based on these results it was certainly worth the wait. Assuming the well can produce as suggested it will provide us with a significant boost to cash flow for HGO beginning in the second half of 2007," said John F. Terwilliger, Houston American Energy Corp's President.
Based in Houston, Texas, Houston American Energy Corp. is an independent energy company with interests in oil and natural gas wells and prospects. The Company's business strategy includes a property mix of producing and non-producing assets with a focus on Texas and Colombia.
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