Greka Completes Haspel & Davis #1 Well
Greka Energy Corporation, announced that the Company has completed the Haspel & Davis #1 (HD1) well in the Potash Field in Plaquemines Parish, Louisiana. The well was dually completed in the 11-B gas sand and the 9-A oil sand. Flow lines and production equipment have been installed connecting the well to Greka's central production facility on the east side of the Mississippi River.
The 11-B zone was completed through selective intervals between 9732' and 9826'. In the last 24 hours, the well tested 5000 MCFPD and 325 BCPD through a 13/64 inch choke with flowing tubing pressure of 3350 psi, and is on production through the central facilities. The 9-A zone was completed through perforations from 8210' to 8244'. Pending hook up over the next few days, production for this zone is estimated at 350 BOPD.
Greater than 360' of productive pay zones were encountered of which almost 160' is expected to be gas and 200' to be oil. Internal evaluations of the logs show that the Company has discovered almost 1.6 MMBOE of which 70% is oil and 30% is gas. Net to the Company as to its 83% revenue interest, this equates to 1.3 MMBOE with almost 930,000 barrels of oil and 2.3 BCF of gas. The reserves from this single well are expected to increase the Company's year-end proven reserves by more than 10%. The HD1 well is the first of a series of new wells planned by the Company to exploit its large, undeveloped reserve base in the Potash Field.
The Company is operator and owns a 100% working interest and a net revenue interest of 78-83% in approximately 3,000 acres in the Potash Field. The Potash Field is a salt dome in South Louisiana on the Mississippi River south of New Orleans. With the HD1 well's completion, the field has a total of 133 wells drilled to depths varying from 600' to 14,000' with 20 wells remaining.