Beta Oil & Gas reports that the M.A. Failla No. 1 in the Broussard Field in Lafayette Parish, Louisiana reached total depth of nearly 16,000 feet on March 10, 2003. A production liner was run and the well was completed with a final test rate of 8.7 million cubic feet of gas per day and 274 barrels of condensate per day. Currently, construction and installation of the production facilities and sales pipeline are underway and the Company anticipates first sales of natural gas to commence by July 1, 2003. The Company has a 4.8% working interest in the well, increasing to approximately 10% working interest after well payout. Newfield Exploration is the operator of the well.
A 3-D seismic survey, which will assist in further delineation of the development potential in the area, is in progress and should be completed within 90 days. The 3-D seismic data, combined with the production history and subsurface information from the M.A. Failla No. 1, may support development of that portion of the field where the Company has a larger working interest.