Bayou Bend Petroleum provides an update on its production and exploration activities in the Gulf of Mexico.
South Timbalier 49 - The Smoothe Prospect, was spud on August 25, 2008 and has experienced considerable delays due to Hurricanes Gustav and Ike. Crews are currently mobilizing back to field to resume operations. The drilling rig that is being utilized is the Noble Joe Alford. The well is planned for a total depth of 19,325' MD/18,300'TVD which should be reached in early December. The Company has a 33 1/3% working interest in this well and the operator is Mariner Energy Inc.
Mt. Moran North Discovery - A successful well test was completed on the lowermost of 3 zones of identified petrophysical pay in the Mt. Moran North discovery located in the Marsh Island project area on Eugene Island Block 10 (state waters of Louisiana). The zone was tested on September 12, 2008 at a rate of 6.4 MMCF/D and 331 BC/D with 10,874 psi FTP. The remaining two zones will be tested at a later date once production from the lower zone has been completed. The well will be tied into Contango's EI 11 production facility for processing and sales and should be on line in 8 weeks. Bayou Bend has a 12.453525% working interest in the prospect.
Bayou Bend President and CEO, Clint Coldren, stated, "We are very pleased with the test results from the Mt. Moran North well and should see production commence from this prospect during the fourth quarter which will bring the number of wells the Company currently has in production now up to six. There is still significant untested potential in this well for the future. We look forward to continued success with South Timbalier 49 as drilling gets back on track. None of the Company's operations or facilities sustained any damage during the recent hurricanes and all employees had safely evacuated. The Company remains well-financed with a strong cash position of over US $60 million as of the end of the second quarter."
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