Bayou Bend Petroleum Ltd. reported its 2008 capital budget and drill program.
The Board of Directors has approved a 2008 capital budget which includes the drilling of up to 12 exploration wells at an estimated cost of US $47 million.
The Company is planning to operate 3 wells in the Marsh Island area and its partners are proposing as many as 6 wells in this area. In addition, up to three wells are planned for OCS Federal Waters prospects in which the Company will be the operator. The wells drilled in this portfolio range in well depth from 10,700 feet to 19,500 feet.
Bayou Bend President and CEO, Clint Coldren, stated, "Our technical team has worked extremely hard to put together our 2008 drilling portfolio. The 2008 program is very aggressive and the majority of the drilling focus will be on our premier asset, Marsh Island. The Company enjoys a strong cash position of over US $80 million and we look forward to a successful drill campaign."
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