Bayou Bend Petroleum Ltd. has made a gas condensate discovery on its Eagle's Nest prospect in the Marsh Island project in Eugene Island Block 6 in the Gulf of Mexico. This prospect was jointly drilled with Contango Operators, Incorporated through the company's Joint Exploration Agreement. The prospect is the northern extension of the Mary Rose discovery previously announced by Contango.
Bayou Bend has a 12.453525% working interest in the prospect. The Eagle's Nest prospect was drilled by the Atwood semisubmersible Richmond to a total depth of 16000' TVD and encountered 56' TVD net effective gas pay. The well will be completed and tied-in to Contango's EI 11 production facility for processing and sales.
Clint Coldren, President and CEO of Bayou Bend, stated. "We are very pleased to announce the success of the Eagle's Nest prospect as part of the Joint Exploration Agreement with Contango. This prospect exposes the Company to reserve and production growth as we continue to focus on maturing other prospects in the Marsh Island Phase I area."
Bayou Bend is an oil and gas exploration and production company with a focus in the Gulf of Mexico and shallow water shelf area. They have lease interests in the State waters of Louisiana near Marsh Island and interest in several Federal OCS Blocks offshore in Louisiana and Texas. The company has a very significant capital program for 2008 which includes drilling up to 12 exploration wells.
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