True North Energy: McLean No. 1 Well Cased, Ready for Completion
True North Energy Corp., a junior energy exploration company, said that the Arco McLean No. 1 Well Re-entry reached target depth of 12,490 feet on July 21, 2006. The well, the first in the company's Live Oak County Prospect area in Texas, has been logged, evaluated, and cased, and is ready for completion operations. Bayou City is the acting operator on the well.
Original prognosis on the well re-entry estimated potential productivity of the targeted Wilcox sand, in the Arco McLean No. 1 Well, at 2 mmscfd. John Folnovic, True North’s president and CEO, said: “The well logs show better-than-anticipated net pay and sand porosity. The completion operations, including fracturing the well, will take about three to four weeks to complete at which point we will be able to flow-test the well. If the well tests as anticipated, the project will deliver quick cash flow and proven reserves to the company and contribute to the funding of the recently undertaken evaluation of our core assets in Alaska.”
True North Energy has a 16.67% working interest in the well before payout and a 12.5% working interest after payout.
The test results from this initial well, supplemented with available seismic, will help to define additional potential Wilcox locations within the prospect area. True North Energy has an option to participate in the drilling of any subsequent wells within the prospect area.
The Wilcox Trend sands in the area have documented productive wells dating back to 1960. The play has been recently rejuvenated by significant field discoveries along the trend with some wells reporting initial rates of 7 MMCFD.
This program represents True North Energy's continued efforts to add cash flow and proven reserves while simultaneously diversifying its portfolio.
True North Energy Corp. is a publicly traded, independent oil and gas exploration company, with headquarters in Houston, Texas. It is focused on developing the company’s core assets in Alaska. The company is strategically located in the Cook Inlet and Beaufort Sea areas of Alaska and has commenced technical evaluation of its 34,000-acres of petroleum land holdings.
Houston-based Bayou City Exploration, Inc. is an oil and gas exploration firm focused in proven geologic trends in East Texas, the Gulf Coast of Texas, and Louisiana.
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