Crimson Exploration Inc. announced that its preliminary assessment of physical damage from hurricanes Gustav and Ike on its south Louisiana and Texas gulf coast properties is complete and it appears that physical damage from the storms is minimal.
Production was shut-in at different fields, for varied amounts of time for the two storms, due to limited field access, loss of electrical power and the shut-in of processing capability in certain areas. The Company estimates that production for the third quarter of 2008 will be adversely impacted by an average of approximately 2,500 mcfe per day of natural gas equivalents for the quarter. Substantially all pre-hurricane production has been restored in the affected areas.
Drilling activity ceased as each storm approached as the rig crews evacuated the areas; however, the rigs sustained minimal damage and resumed drilling operations shortly after each storm passed.
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