Mesa Energy, Inc. has acquired Poydras Energy Partners, LLC, a New Orleans based Louisiana operating company, along with the Main Pass 35 project, a shut-in oil field in Plaquemines Parish, Louisiana. The field was producing approximately 155 barrels of oil per day before it was shut-in prior to the arrival of Hurricane Katrina. The wells were undamaged but there was extensive damage to the processing facility. Our technical team believes that the processing facility can be repaired and the field put back into production in 90 to 120 days.
This project includes at least two, high-potential re-completion opportunities, at least one offset oil PUD (Proved Undeveloped) location and both shallow and deep natural gas potential. Total proved reserves (per third party engineering report) net to 8/8ths working interest are 559,812 BOE with an additional 1,002,663 BOE categorized as probable/possible.
Randy M. Griffin, Mesa's Chief Executive Officer, stated: "The Main Pass 35 project is the first of what we believe will be a significant number of properties with both overlooked reserves and developmental drilling potential to be acquired by the company in the Gulf Coast Region. We believe there is tremendous opportunity in these types of assets and we are committed to the expansion of our Louisiana and Texas Gulf Coast holdings."
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