With the addition of the Biloxi Marshlands No. 18-1 well, the Company's average daily production on a natural gas equivalent basis is totaling approximately 100mmcf/d. The Company anticipates additional drilling in the Biloxi Marshlands project area to include up to an additional 15 wells during calendar year 2004. The first well in the 2004 program is expected during the first quarter of 2004 followed by one well or more every month. As previously announced, the Company was recently awarded successful bids on 15 tracts comprising 5,792 acres at the Louisiana State Lease Sale which will, in part, form the basis of the 2004 drilling program.
In other developments, the Company announced plans to begin drilling two wells in the Weeks Island field to test updip oil sands on the north flank of the salt dome which are adjacent to existing production in the field. The first well is expected to spud within the next 10 days based on drilling rig availability. Once operations are completed on the first well the rig will be moved to test the second location.
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