Bayou Bend Petroleum Ltd. provided an update on its exploration activities in the Gulf of Mexico.
The Company's first well on its Eagle's Nest Prospect was spud on April 7, 2008. This prospect is a possible extension of the Contango Operators, Inc. ("Contango") Dutch / Mary Rose discovery onto Bayou Bend acreage. This discovery is one of the largest discoveries in recent history in the shallow gulf and Contango has reported 8/8's proved and probable reserves of 750 billion cubic feet of gas as of December 31, 2007.
This prospect is operated by Contango and will be drilled to a depth of 15,900'. If successful, production will flow through Contango's "H" Platform Facilities in Eugene Island Block 11. The rig contracted for the well is the Atwood Richmond. The drilling of the well is estimated to take 60 to 75 days.
Under the Joint Exploration Agreement ("JEA") with COI, Republic Exploration, LLC, CGM, L.P., Olympic Partners, LLC, and Union Oil Company of California (collectively "Republic Group"), Bayou Bend agreed to contribute acreage and jointly drill and develop the Company's Marsh Island Phase 1 area Eagle's Nest Prospect (AKA: COI's Mary Rose Prospect) located in Eugene Island Block 6 of the state waters of Louisiana. The Company and its Marsh Island Phase 1 partners will together hold a 35% working interest position in the JEA covering portions of State Leases #18860, #19261, #19155, and #19266. The Company itself will hold a 12.453525% working interest position in the JEA.
Bayou Bend is also pleased to announce a management addition effective April 1, 2008. Mr. T. Rodney Dykes has joined the Company in New Orleans as Senior Vice President of Operations. Mr. Dykes brings 30 years of oil and gas management experience to the Company and will be responsible for drilling, production and facility operations. Prior to Bayou Bend, Mr. Dykes was most recently Senior Vice President of Production for Energy Partners, Ltd.
Mr. Clinton Coldren, President of Bayou Bend, commented, "We are glad to have kicked off our 2008 capital program in our Marsh Island area and look forward to attaining positive results early in the summer. We are also pleased that Mr. Dykes has joined our organization with his impressive skill set. The Company has a very significant capital program for 2008 and his expertise will be utilized immediately to assist in planning and executing this program."
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