Leed Recompletes Eugene Island Producer, GOM Production Rises

Leed Petroleum has announced the results of the A-6 well recompletion for the Eugene Island field. The Eugene Island A-6 well has been successfully recompleted as a long term producer from the well's primary zone.

This zone commenced testing on February 16, 2009 and, following a clean-up period, has consistently flowed to sales at a stable restricted rate of 1,750 boepd. Immediately, prior to recompletion, the A-6 well was flowing at approximately 500 boepd. The Company has also now completed the upgrade of platform water handling facilities.

Field production is currently stable at 6,000 boepd gross (4,500 boepd on a working interest basis) with all three recently drilled wells contributing significantly.

Howard Wilson, President and Chief Executive of Leed, commented, "Production from the newly recompleted Eugene Island A-6 well concludes the Company's near term work program for the Eugene Island field. The three successful wells have had a major impact on the
Company's reserves and should make substantial contributions to the Company's revenue stream for years to come. When compared to the field's production rate at the time of admission to AIM of 360 boepd, the current rate demonstrates the tremendous success the Company has achieved thus far."

 

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