Pantheon Resources, the AIM-Listed oil and gas exploration company active in the Gulf of Mexico, issues this update on State Lease 19255 et al # 1 well in Iberville Parish Louisiana (the Point Clair prospect.)
On April 1, 2008, Petro Hunt LLC, the operator and majority working interest partner in the well, decided to plug and abandon the State lease 19555 et al # 1 well. This decision was taken after running logs and a determination that the objective zone was non-commercial. Jay Cheatham CEO of Pantheon Resources said, "Obviously we're disappointed in the outcome. The zone was well developed, but not commercially productive."
The Point Clair well is part of Pantheon's high impact South Louisiana suite of wells. Bullseye, also located in Iberville Parish, will be the next well to spud, later this month.
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