Meridian Resource Adds 2nd Biloxi Well to Production
The Meridian Resource Corporation announced initial production results from its Biloxi Marshlands No. 6-2 well. The well was tested into the sales line from the Lower Cris "I" sand interval through perforations between 11,181 and 11,201 feet at a stabilized gross daily flow rate of approximately 30 million cubic feet of gas per day, at 2,625 psi flowing tubing pressure ("FTP") with shut-in tubing pressure measured at 3,800 psi. The well was drilled to a total measured depth ("MD") of 11,711 feet (9,046 feet, true vertical depth "TVD"). Electric logs indicate natural gas pay in two Cris "I" sands with an overall gross pay section of approximately 290 feet MD and 141 feet of net pay MD.
The Biloxi Marshlands No. 6-1, Meridian's first well in this prospect area, continues to produce at a rate of approximately 11.7 million cubic feet of gas per day with 3,000 psi FTP.
The Company expects to begin drilling the Biloxi Marshlands No. 7-1 immediately following the 6-2 well. The Biloxi Marshlands No. 7-1 will be drilled from the same surface location as the Biloxi Marshlands No. 6-1 and 6-2 wells and will be drilled to approximately 11,555 feet MD (9,563 feet TVD). The Company expects the drilling to take approximately 20 days from spudding the well. Additional wells are scheduled for this immediate area during 2003. Meridian holds a 93% working interest in this project area.
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