Vector Energy Completes Testing at Mustang Island Wells

Vector Energy Corporation has recently completed the testing of three wells at its Mustang Island Block 818-L facility. Vector reported testing the No. A-1 well at daily rates of 600,000 cubic feet of gas and 30 barrels of condensate with 230 barrels of water at 1800 pounds per square inch flowing tubing pressure on a 10/64 inch choke. The No. I-1 well tested at a daily rate of 1,000,000 cubic feet of gas and 150 barrels of condensate with no water at 3500 pounds per square inch on a 8/64 inch choke. The No. A-7 well tested mainly water, but will require further testing. There are three additional wells remaining to be tested. Assuming a gas price of $3.00 per Mcf and an oil price of $26.00, the gross revenue from the No. A-1 and the No. I-1 wells attributable to Vector's interest would be approximately $2.7 million per year.

"I am excited that finally we have test results from these wells that substantiate the proven reserves we have always anticipated," said Sam Skipper, CEO of Vector. "I believe the remaining wells will also be very productive. All are exhibiting wellhead shut in pressures in excess of 4,000 pounds, which is similar to the pressures experienced on the three wells that have been tested. All that remains is for the pipeline to be pigged and then sales can commence."