Waveland Energy Finds Gas at Brookshire Dome Field

Waveland Energy Partners reports that its Wander #2 exploratory well located in the Brookshire Dome Field west of Houston, Texas was successful and has been completed as a producer. This well was drilled by Waveland's Brookshire Partners II, L.P. partnership.

The Wander #2 well was drilled to a total depth of 3,474 feet and logged pay in multiple formations. The well was completed in the Gooding formation tested at a rate of and 1.48 million cubic of gas per day (MMCFPD) on a 12/64" choke with 780 pounds of flowing tubing pressure.

To date, the Brookshire Dome field has nine productive formations with 36 active wells producing an average of 1,300 barrels of oil per day (BOPD) and 1.7 MMCFPD. For the week ending January 9, 2004, the spot price for West Texas Intermediate crude oil closed at $30.66 per barrel, and the average spot price for natural gas closed at $5.07 per million Btu at the Henry Hub.

"We are very pleased with the results from the Brookshire Dome project. This is the fourth successful exploratory well in a row, and it opens up excellent potential for offset development wells. A substantial amount of shallow oil and gas drilling on this project remains. However we believe that we have yet to tap the true potential of this project, which lies in the deeper natural gas play between 8,000 to 11,000 feet," said Michael J. Greer, Chief Executive Officer of Waveland.

Waveland's partnership owns a 10% working interest in the Brookshire Dome project. A privately owned Denver-based company, Lone Wolf Operating Co., is the operator of the project.