Pryme Discovers Oil in Saline Point Project in Louisiana
Pryme Oil and Gas says that the second test (State Lease 19234 No.2) in the Saline Point oil exploration project reached its target depth of 5,100 feet overnight resulting in the discovery of our primary oil objective in the Middle-Wilcox sequence. Core samples were taken and analyzed to confirm the well log reading and presence of commercial quantities of oil between shale with no water contact evident; several other oil shows were present, and will require additional drilling to test.
The election was made to run production casing and complete the well, which will begin immediately with first oil expected to be sold by year's end.
"We are very pleased with the result from this test, specifically the possibility of additional oil sands. Using the information obtained from this test the subsurface geology will be remapped and additional locations derived to test the extent of the reservoir," said Justin Pettett, Pryme's Managing Director. "This well adds valuable oil reserves to Pryme's balance sheet and demonstrates the board's execution of its growth strategy. As stated in the past shareholders will be able to gauge this success through an increase in revenues in the cash flow reports each quarter."
This project is located in the southern portion of Catahoula Lake in LaSalle Parish, Louisiana. The project is targeting in excess of 2 million barrels of oil from the upper sands of the Wilcox formation and is located near Catahoula Lake and South Catahoula Lake fields, which are prolific, oil producing regions.
Pryme has a 26.96% working interest (20.22% net revenue interest) in this project.
Drilling of the first group of Frio objective wells in the Turner Bayou 3D seismic project and second Raven project well is expected to begin later this month as planned and outlined in the drilling timetable enclosed in this announcement.
- Pryme Spuds Third Raven Well (May 16)
- Pryme's Second Raven Well Production Continues To Increase (Apr 16)
- Pryme's Raven Well Hits Primary Gas Targets (Dec 17)