Petro Resources announced results from the Surprise Prospect in Nacogdoches County, Texas. The Company owns a 10% working interest in most of the prospect which is operated by Goodrich Petroleum Corp.
Following the press release dated February 25, 2009 by Goodrich Petroleum Corp, the Company is pleased to announce that the first four wells are successful with a fifth well currently drilling ahead.
The Surprise Prospect area specifically targets the Travis Peak, James Lime, Bossier and Haynesville Shale horizons and all wells drilled to date have been vertical tests. The Hill No.1 (10% WI) a Bossier Sand well was completed and initial production was 9,400 Mcf per day on a 16/64 inch choke with 7,150 psi. The Tucker No. 1 (5% WI) encountered 200 feet of thickness in the Haynesville Shale and was completed in Bossier Shale with initial production of approximately 600 Mcf per day ultimately the well will be completed in the Travis Peak. The Lilly No. 1 (10% WI) and the Grigsby No. 1 (10% WI) have been drilled and completed in the Travis Peak with initial production rates of 3,000 Mcf per day and 2,900 Mcf per day, respectively.
The Company is currently drilling the fifth well which is the Lewis No. 1 (10% WI) with plans to test the Bossier and Haynesville shales as well as the Travis Peak. The wells in Surprise Prospect will be evaluated for sustained production and reserve potential for ultimate field development.
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