Petro Resources Increases Reserves by 2.3 Million boe
Petro Resources Corporation has added approximately 2.3 million barrels of oil equivalent of total proved reserves net of production during 2007. These reserve additions came from various sources including the Williston Basin acquisition, enhanced oil recovery operations in North Dakota and successful exploratory drilling in the Cinco Terry Field in Crockett County, Texas.
The initial shallow exploratory well in the Newporte prospect (E-M Engh #33-4) located in Renville County, North Dakota has been plugged and abandoned. The well was drilled to a depth of approximately 5,100 feet to test the Madison group and was deemed to be non-commercial after logging, coring and formation testing. The shallow horizons imaged from the 3D seismic data and tested in the E-M Engh #33-4 were not the primary target in the Newporte prospect area. The results from the E-M Engh #33-4 do not diminish the prospect potential of the deeper horizons in the Newporte prospect area that include the Winnipegosis, Red River, Winnipeg and Deadwood formations.
The first deep exploratory well on the Newporte prospect (Osterberg #10-3) will be drilled to an approximate depth of 10,000 feet to test the Deadwood sandstone. The Company expects to commence drilling operations during second half of April 2008 subject to the approval by the State of North Dakota of a unit spacing exception permit and the availability of the contracted drilling rig.
The Company also anticipates spudding the E-M Overton 20-10 well in Renville County, North Dakota this week. The Overton 20-10 well is the second well to be drilled in the Kolbo prospect area and is approximately one mile northeast of the initial well that showed excellent reservoir quality rock with good oil shows.
The Company in conjunction with Approach Resources has participated in the discovery of the Cinco Terry Field located in Crockett County, Texas. To date, the Company has participated in 22 successful wells out of 24 locations drilled. The field is currently producing approximately 140 barrels of oil equivalent per day net to the Company. Our plan currently provides for one to two rigs drilling in the field on a continuous basis.
The Company has participated in 14 successful wells in our Gulf of Mexico partnership with Hall-Houston Exploration. The partnership is currently conducting drilling operations on Matagorda Island 594 # l well. Future plans provide for two development wells to be drilled in 2008. The partnership has 12 exploratory prospects currently in inventory.
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