Mesa Energy, Inc. announced that Poydras Energy Partners, LLC, a wholly owned subsidiary of Mesa Energy, Inc., has entered into two (2) Participation Agreements with respect to the Main Pass 35 Project in Plaquemines Parish, LA. One of the Participation Agreements is with Roky Operating, LLC, which has acquired a 40% working interest (30% net revenue interest) in the project. The other Participation Agreement is with Hayhurst Investments, Ltd., ("Hayhurst") which acquired a 3% working interest (2.25% net revenue interest). In addition, Hayhurst was granted an option to acquire up to an additional 7% working interest (5.25% net revenue interest) in the Main Pass 35 Project. This option expires on April 18, 2008.
As a result of these agreements, the rehabilitation of the 35 Main Pass processing facility is expected to begin immediately with production from the field anticipated to resume in 60 to 90 days. Re-completion of high-potential zones in two non-producing well-bores is planned for later this year. In addition, the company intends to begin engineering and geological studies to evaluate the possible drilling of an offset oil PUD location in early 2009, as well as potential natural gas drilling opportunities on the property.
A third party report dated February 15, 2008 estimates the un-risked reserves to Mesa's working interest after these transactions (net of royalty) to be approximately 468,000 BOE (168,000 BOE Proved).
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