Energy Drilling Company, of Natchez, Miss., is presently coming out of the hole for a bit change before continuing to the total target depth of 11,500 feet. The Company expects that the drilling of the Harold Karges 18-13 1A well will resume by tomorrow. When total depth is reached, Odyssey's production personnel will take over operations for the logging, evaluation, and completion of the well. Placing production casing in the drilled hole and installation of other production facilities is expected to be complete within ten days of the drilling of the well.
The Harold Karges #1 well logged numerous, significant oil and gas zones to 11,500 feet and it is anticipated that the Harold Karges 18-13 1A well will begin to encounter some of these zones in the next week of drilling. This will enable Odyssey to immediately access and produce the multiple shallower oil and gas zones found in the #1 well to 11,500 ft - all formations that would not otherwise be produced until many years in the future. See ODE's June 12, 2007 press release for more information reference the potential of this new well.
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