The Mustang Island 736 #1 side-track well was drilled to a total depth of 11,190' MD. The well was evaluated with open-hole logs and production casing was run on apparent petrophysical gas pay. The two formation tests completed in the well bore flowed formation water and therefore the well has been assessed as non-commercial. Operations are currently underway to plug and abandon the well and the rig will be released.
Bayou Bend President and CEO Clint Coldren stated, "While we are all disappointed with the outcome of the MU736 well, we look forward to continuing our aggressive drill program on the numerous prospects we have in our growing portfolio of high potential projects. We are currently drilling ahead on the La Posada prospect and have plans and financing in place to drill at least 10 additional exploration wells in 2008."
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