Zapata Energy Corporation has provided an update on its operations and drilling activities in the first half of 2008.
On its May 30, 2008 news release, the Corporation reported that successful Q1 drilling would add approximately 500 boe/d to its production by the end of June 2008. As a result of these significant new volumes brought on stream in the second quarter, Zapata exited Q2 producing in excess of 3,100 boe/d. Zapata’s deep well (0.45 net) discovery was placed on production in the last half of June and is presently producing 4,000 mcf and 500 bbls of NGL per day. This production was delayed as a result of weather and surface issues and consequently will have limited effect on second quarter average production. Zapata anticipates average second quarter production sales to be slightly higher than the 2,713 boe/d recorded in the first quarter of 2008.
During the second quarter, Zapata drilled and cased one (0.9 net) well. The balance of the eight]well low risk
Preparations for Zapata’s recently announced deep test in Northwest Alberta are in progress. Well license and
Zapata is now finalizing plans for an expanded Q4 exploration and exploitation program. Higher commodity prices in the second quarter and continued high commodity prices are anticipated to reflect significantly on Zapata’s financial performance and allow expanded drilling efforts while maintaining a solid financial footing.
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