TransAmerican Energy Inc. has been advised by the Operator, Odyssey Petroleum Corp., that it has completed the J. Cox 18-10 #1 well in Pelahatchie field in a Rodessa Formation zone at 10,140 feet, with swab test at rates up to twelve barrels of oil per hour with little formation water. Based on three days of well tests, the Operator expects to pump the well at approximately 100 barrels of oil per day. A conventional pumping unit is being readied for the well, with estimated installation expected within two weeks.
Drilled to 11,500 feet subsurface, the J. Cox 18-10 #1 well encountered numerous potential productive zones, beginning at the Tuscaloosa depositions at 7,000 feet subsurface through the multiple Hosston formations at approximately 11,000 feet subsurface (see News Release dated April 21, 2008). The J. Cox 18-10 #1 well is located approximately 1/4 mile south of previous production, significantly increasing known productive limits in the field. New clues from shows in the multiple stacked pay zones are being studied and evaluated for their developmental potential with more offset drilling.
Management is pleased with the development wells the Operator has drilled in the field that TransAmerican has participated in. The J. Cox 18-10 #1 is the fourth of four successful wells drilled by the Operator in the field in the past nine months (the third in which the Company has participated). All of the wells have found multiple productive zones. Under the terms of an agreement between the Operator and TransAmerican and agreements with other working interest participants, TransAmerican and certain other participants paid 100% of the cost of drilling the Harold Karges 18-7 #1 well and the J. Cox 18-10 #1 well to acquire a combined 50% working interest and (36% net revenue interest), while the Operator agreed to complete the new wells for production and serve as operator.
In a further update of operations, the Operator has advised that the Harold Karges 18-7 #1 well, situated approximately 1200 feet north of the J. Cox 18-10 #1 well, has been readied for production with a pumping unit, started up yesterday, and today is pumping at the rate of 115 barrels of oil and 5 barrels of water per day. The Karges 18-7 #1 well is producing from a zone at 10,800 feet subsurface. Both wells are yielding high gravity sweet crude, which markets for a premium price.
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