GulfWest Successfully Recompletes Louisiana Well

GulfWest Energy has successfully recompleted the first in a four-well program in its Grand Lake Field located in Cameron Parish, Louisiana. The State Lease 344, Well #36 was cleaned out and recompleted over the past two and a half months, and was brought online Oct. 14, 2004. Currently, the oil well is stabilizing at a daily rate of 125 barrels of oil (bopd), 70 mcf of gas (mcfpd) and 45 barrels of water (bwpd), flowing on a 10/64 choke at 820 psi. GulfWest owns a 100% working interest in the field.

Well #36 was previously idle and was the first of four idle wells to be recompleted this year in the Grand Lake Field. Since bringing Well #36 online, production in the field has increased from 220 bopd to 345 bopd of oil sales.

The four-well Grand Lake workover program is a significant part of GulfWest's $3.5 million overall workover plan to be completed during the second half of 2004. A key technical component of the program is to return idle wells to production and apply new, cased-hole logging technology to identify bypassed reserves.