Krescent Updates Ops at Hercules Prospect

Krescent has turned the BP America A-740 well back to sales following the installation of a compressor.

The well was turned on to sales on October 5, 2010 with a flow tubing pressure of 3500 psi and flow rates have been stable with an average gas rate of 634,000 cubic feet of gas per day (634 Mcf/d) and an additional average oil rate of 26.24 barrels of oil per day (26 bopd) for the last 7 days of production. The rates and pressures are being monitored closely and so far the pressure data is seen as encouraging. 

The operator has identified at least three offset well locations for the prospect and work has commenced on two of these to confirm the suitability for these locations to be drilled. 

Empyrean has a 10% working interest in this well.

Empyrean Executive Director, Tom Kelly commented, "Empyrean has had a very active 6 months and it is great to see some success at the Hercules Prospect and nice stable early production. This well has not had to be stimulated and is flowing oil and gas at a rate that has gradually improved since the well was brought on."