Turnkey E&P has successfully tested the McPherson-2 well. Turnkey also announced it has approved the completion of the Forestar -1 and Caillouet Heirs-1 wells and has commenced drilling the Vieman-1 well.
TESTING MCPHERSON-2-Hurricane Creek Field (Beauregard Parish, Louisiana)
Turnkey has successfully tested its second well drilled in the Hurricane Creek field. The McPherson-2 well was drilled directionally from the McPherson-1 pad to a depth of approximately 9,000'. The well has tested 60 BOPD with a 5% water cut. The McPherson-2 is producing from the unitized Doornbos sand at approximately 8,100' TVD. McPherson-1 produced at a rate of 200 BOPD and 10 BWPD on gas lift, but is currently being put on a pump until a short gas pipe line can be installed to supply natural gas to allow a resumption of gas-lifted production at the higher rate.
Turnkey has a 100% working interest and a 76.5% net revenue interest in the well. The Hurricane Creek field is comprised of approximately 3,200 acres (depth restricted to the unitized Doornbos sand) and is located in Beauregard and Allen Parishes in Louisiana. The Hurricane Creek field was discovered in the late 1940s. Engineering studies have shown the Doornbos sand may contain an estimated 60 million barrels of high gravity oil in place. Only 2.6 million barrels have been produced from the reservoir. The Doornbos reservoir is a highly laminated sand/shale reservoir that averages 100' in thickness across the entire Hurricane Creek field, which continues to be held by production. Turnkey believes that drilling the well with casing and completing the well in an underbalanced stimulated environment has reduced formation damage and contributed to the good production results.
COMPLETING FORESTAR-1-Cowpen Creek Field (Beauregard Parish, Louisiana)
Turnkey was the drilling contractor and is a participant in the Forestar-1 well. Turnkey drilled the Forestar-1 pursuant to a "turnkey" drilling contract to the base of the Upper Wilcox formation at approximately 11,650'. The well was tested on a 14/64th choke at a rate of 525 BFPD with a sustained oil cut of 32% or 170 BOPD and a FTP of 900 PSI. Production facilities are currently being installed and production is estimated to start in November.
The Cowpen Creek prospect is comprised of approximately 700 acres. Seismic indicates several offset locations with multiple Wilcox horizons. Turnkey has a 46.67% working interest before payout with a 34.07% net revenue interest before payout, and a 35% working interest after payout with a 25.55% net revenue interest after payout. The well was logged through casing and completed successfully using the technology of drilling with casing.
COMPLETING CAILLOUET HEIRS-1-Valentine Field (Lafourche Parish, Louisiana)
Turnkey was the drilling contractor and is a participant in the Caillouet Heirs-1 well. Turnkey directionally drilled the Caillouet Heirs-1 well pursuant to a "turnkey" drilling contract to the geopressured Miocene objective at approximately 12,000'. The well logged over 150' of pay section, is currently being completed and should be producing on test within a week. While drilling into this geopressured zone, an upper zone broke down and caused severe loss of circulation leading to an underground flow. The well was being drilled with casing therefore the pipe did not have to be tripped out as would have been the situation with conventional drillpipe drilling, and the casing was successfully cemented in place across the prospective zone. The Caillouet Heirs prospect encompasses 414 acres. Turnkey has a 10% working interest and a 7.2% net revenue interest in the prospect.
DRILLING VIEMAN-1 WELL-Danbury Dome Prospect Brazoria County, Texas)
The Vieman-1 well, located on the Danbury Dome, onshore South Texas, was spudded on September 10, 2008. The 9 5/8" surface hole was successfully drilled with casing to 5,200'. Hurricane Ike and PIRO tool testing caused the project to be delayed for several weeks before the intermediate hole section could be drilled. The well has been directionally drilled with 7" casing to 11,254' and will be cemented at this depth. The final leg of the well will be drilled with 4 1/2" casing to approximately 13,700' and is expected to reach total depth in 2-3 weeks. The Turnkey Vieman-1 well is located up dip from the Humble Vieman-1 well that tested 85 MMCFD and watered out in 1965. The prospect is defined by 3D seismic data and is expected to be encountered at depths between 13,000' and 13,500'.
Turnkey, as the drilling contractor, is drilling the well pursuant to a "turnkey" drilling contract and is participating with a 25% working interest before payout and an 18.5% net revenue before payout. Turnkey's working interest after payout is 18.75% with a 13.88% net revenue interest.
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