Odyssey Petroleum Corp. has received notice that Energy Drilling Company will provide a drilling rig to Odyssey in mid January 2008 with which to drill the Company's Max and Martha Gill well #1 in Pelahatchie Field, Rankin County, Mississippi. A Permit has been secured to drill to 11,500 ft., and an all weather location has been prepared to accommodate the drilling and completion operations, which are expected to last approximately thirty days.
The Gill well will be situated in Section 7 T5N R5E, Rankin County, Mississippi, approximately one mile north of the recently completed Harold Karges 1A well which was located in Section 18. Geologically, the well is to be drilled in the heart of the northern productive portion of the field, offsetting five wells that have produced from multiple zones in the Hosston, Mooringsport, Rodessa, Paluxy, and Tuscaloosa formations. Historically these formations have yielded initial production rates from 100 - 200 barrels of oil per day.
Geological mapping and engineering studies, together with recently acquired technical data from nearby offset wells, indicate that this well should encounter multiple productive oil zones. A recent reserve and economic analysis prepared for the Company by Oilfield Technical Services of Ridgeland, Mississippi (which was based on geological studies by Odyssey's geological staff) concludes that a well drilled in this location could ultimately yield approximately 1,000,000 barrels of oil and yield net cash flow of $21,845,973 over a thirty year life (using an average oil price of $55.00 per barrel). The reserve and economical evaluation report was prepaared by Gus Sanders, Petroleum Engineer, a qualified reserves evaluator in accordance with National Instrument (NI) 51-101 and the standards set out in the Canadian Oil and Gas Evaluation Handbook. The reserves estimates were functions of engineering judgment and interpretation, based on data available as of the effective date of the report, being June 4, 2007. The reserves calculated by Mr. Sanders for this well, based on a 40-acre drainage area and further reduced by 25 per cent to account for wedging of the drainage volume, is 1,000,000 barrels of oil, which is classified as proved undeveloped. The high gravity sweet oil produced in Pelahatchie Field is currently selling for over $90.00 per barrel.
Pelahatchie Field is located in east-central Rankin County, Mississippi near the geographic center of the state of Mississippi, approximately twenty miles east of Jackson, Mississippi. The field was discovered in 1962 by an American company with production from the Mooringsport Sand at 9,800 using early gravity and seismic technology. Production was eventually established in the field from fourteen additional Cretaceous zones to 11,300 feet and later in the deep Norphlet formation at 17,000 where Shell Oil Company produced oil and gas at over 2,000 barrels of oil per day, together with over 2,000,000 cubic feet of gas per day.
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