Century Petroleum Corp. provides an operations update on its High Pressure - High Temperature (HP-HT) project portfolio.
Shadyside #1 (St. Mary's Parish, LA) started production on January 7, 2008. The operator has gradually increased the choke size and production flow rates have increased. On March 2, 2008, Shadyside #1 was producing at a rate of approximately 2.45MMCFD and 200 BOD on an 11/64 choke.
Century expects Shadyside's initial revenue distribution during March 2008. The partnership continues to integrate the geological and engineering data to assess remaining exploration potential on our existing lease block. Century has 15.17% working interest in this new field discovery.
Thunder Stud #1 (Calcasieu Parish, LA) encountered both oil & gas on multiple pay horizons. Testing operations were carried out in two intervals of the Yegua formation. One of these intervals was deemed to be non-commercial, while the other interval flowed oil and gas at a gross rate of 1,057 MCFD and 456BOPD. In addition, shallower Hackberry sands were found and were deemed to be productive. Partners are expected to drill Thunder Stud #2 confirmation well later this year. The second well will target a sizable geologic structure interpreted to be up-dip of the existing well control.
Century's CEO, James Hersch, commented on the company's progress to date: "It has been an exciting start of the year. Century has joined the ranks of producing companies with our participation in the Shadyside HP-HT discovery. Thunder Stud has tested hydrocarbons from an HP-HT section and we are hopeful that a confirmation well will be successfully drilled and prove up significant resources. Finally, our largest project to date, the Alligator Bayou, is expected to spud during the second quarter."
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