Index Oil and Gas announced that the Shadyside 1 well located in Saint Mary's Parish, Louisiana has been hooked up to the sales pipeline network and is flowing at an initial rate of approximately 1.6 million cubic feet of gas per day (mmcfpd) and 136 barrels of condensate per day (bcpd) using a 6/64ths choke. The operator plans to increase production rates gradually until a stabilized optimal rate based on reservoir performance is achieved.
Shadyside is the fourth successful well from the Company's higher impact portfolio for the fiscal year ending March 31, 2008. After drilling the well, and before completion operations commenced, Index took the opportunity to increase its 15% working interest (13.5% After Pay Out, "APO'') to 30% WI (27% APO). Index currently has an approximately 21.15% net revenue interest (NRI) in the well (approximately 19.04% NRI APO).
The Company also announced today that the Hawkins 1 well in the Taffy area of Matagorda County, Texas (formerly named Taffy 1), has been hooked up to the sales pipeline network and is flowing at an initial rate of approximately 0.55 million cubic feet of gas per day (mmcfpd). Index has an approximately 10.01% net revenue interest in well.
Lyndon West, CEO of Index, stated, "Shadyside is a significant well for Index, and we are pleased to report that the initial test results and flow rates to sales are very encouraging. If sustained, this will add significantly to the company's production and revenue. The well will also add to the Company's reserves, which will be audited at fiscal year end. The Hawkins well has also finally come on stream following some frustrating operational and weather delays in South Texas.''
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