Forest Oil Successful at Redoubt Shoal
Forest previously announced that the recoverable oil in Redoubt Shoal would exceed 50 million barrels. The positive results of the Redoubt Unit No. 3 well are being incorporated as part of a reserve study currently underway by the Company. At December 31, 2000, Forest reported 9.8 million barrels of estimated proved reserves at Redoubt Shoal.
In addition to a very successful delineation of the oil reservoir in the south fault block, the well encountered a natural gas zone. Logs indicated approximately 40 net feet of gas pay, which was tested at 8.5 mmcf/d at 3,500 psi FTP. The Company is examining the implications of this natural gas discovery but believes that, at a minimum, the natural gas will reduce field level fuel costs associated with oil production.
Within the next 30 days, the Company will spud the No. 4 well to attempt to delineate the eastern boundary of the north fault block previously discovered by the No. 1 well. The full field development of Redoubt Shoal is underway, with first production estimated to occur prior to 2003.
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