The first zone to be completed in the well will be the 11,300 ft (3,475m) Hosston formation, which appears to contain 18 to 20 ft (5.5m - 6.15m) of oil and condensate. This zone has been a prolific producing zone in the field, and in offset wells, has yielded initial production rates from 100 barrels of oil per day to over 1000 barrels of oil per day in a number of wells.
Initial Log and core analysis in the Karges 18-13 1A well indicates that the well has encountered many probable productive zones in the Upper and Lower Tuscaloosa, Wash Fred, Rodessa, and Hosston formations. Company geologists and engineers will study the newly acquired data, together with other field historical data in order to calculate reserves and plan future development in the field. From initial evaluations, the numerous productive zones confirmed in this well could justify new field development targeting the shallower pay zones from 6500 ft to 9500 ft (which, to date, have been largely overlooked in the field's development. These same zones have been found to highly prolific about 15 miles away in Odyssey's Puckett field.
At Pelahatchie Field, Odyssey Petroleum controls the majority interest in over 4000 gross acres of mineral rights; and is currently producing nine wells in the field. The Pelahatchie Field has historically produced from multiple zones from 7500 ft to 17,000 ft (2,300m to 5,250m), with some wells in the 17,000 ft (5,250m) Norphlet formation producing at rates over 2,000 barrels of oil per day, together with over 2 million cubic feet of gas per day. All of the oil found thus far in the field has been high gravity, sweet oil, which markets for premium prices. See ODE's June 12, 2007 press release for more information reference the potential of this new well.
The Company intends to continue to provide a weekly update as the well completion progresses.
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