Paxton Energy Begins Production from the Cooke Ranch #3 Well
Paxton Energy, Inc., being advised by operator Bayshore Exploration LLC, that sales of sweet crude oil have commenced effective November 17th 2005 from the Cooke Ranch #3 Escondito discovery well (CR#3) at the Cooke Ranch Field, La Salle County, Texas. Currently, the CR#3 is producing natural gas at rates of 250 thousand cubic feet of gas per day (mcf) through a "14/64" choke and 175 barrels of oil per day (bbls) while recovering completion fluids. Production characteristics from the Cooke Ranch #3 well are expected to be consistent with existing production in the area from other Escondito fields.
Paxton's Chief Operating Officer, Keith Mckenzie stated, "We are excited with the new discovery in the Cooke #3 well of a commercial Escondito field. Several Escondito fields in the area are currently producing in excess of 8 million cubic feet a day of natural gas equivalent. The Escondito represents a low risk development resource that will greatly enhance shareholder value and will be our focus in the company's 2006 drilling schedule."