The Company also reported that it has completed the acquisition of 187 square miles of proprietary 3-D seismic data adjacent to and southeast of the recently reported successful wells in the Biloxi Marshlands project area. It is anticipated that this new 3-D seismic data will form the basis of new projects in this area.
The Biloxi Marshlands project area targets the prolific Cris "I" sands which the Company believes have been under-drilled and under-exploited until recent discoveries in the area. Meridian has options and leases comprising approximately 200,000 acres in its Biloxi Marshland project area. The Company plans to continue shooting additional 3-D seismic surveys in the area covering all of its acreage plus approximately 200,000 additional acres of state water bottoms for an approximate total of up to 500 square miles of new proprietary 3-D seismic data.
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