Bayou Bend Petroleum Ltd. provided the following update on its production and exploration activities in the Gulf of Mexico.
Mt. Moran North
The Mt. Moran North well, located in Eugene Island Block 10, was spudded on June 4, 2008 and is currently drilling ahead at 9,605' utilizing the Atwood Richmond drill rig. The well is planned for a total depth of 17,000' MD/TVD. The Company has a 12.453525% working interest in this well and the operator is Contango Operators. If the well is successful it will be tied-in line to Contango's EI 11 production facility for processing and sales.
Eugene Island 164 #1
This well was spudded on June 24, 2008 and is currently at 810'. The present operation is running 18 5/8" casing to 810'. This well is being operated by Petroquest Energy, L.L.C. The jackup drilling rig being utilized is the Blake Rig #303. The company has a 10% working interest in this well, which will be drilled to a depth of 16,200' TVD/16,375' MD.
The Haystack Prospect, located in our Marsh Island Area, was spud on June 20, 2008 and is currently drilling ahead at 3300'. The Hercules Rig #49 is being utilized to drill this well. Bayou Bend has a 35.5809% working interest in this well which will be directionally drilled to a total depth 11,039' MD/10,740' TVD. If the well is successful, it will be tied-in line to Bayou Bend's EI 7 production facility for processing and sales.
"It's an exciting time for the Company - we've got the new Eagle's Nest discovery being tied-in to production and we've got three rigs currently drilling other high potential prospects," said Bayou Bend President and CEO, Clint Coldren. "Our exploration team is very active in planning out the remaining wells of our 2008 capital program, testing strong prospects which will expose the Company to significant reserve upside potential."
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