GULF OF MEXICO DISCOVERY
|Tuesday, August 17, 1999
Beta Oil & Gas, Inc. announced that a second successful well in the West Cameron Block 49, SL 16017 #1, was drilled and completed in its Stingray prospect in the state waters of Louisiana. The resulting production is expected in September along with the production from the first successful West Cameron Block 49 well. The SL 16017 #1 encountered pay in the same two intervals below 9,000 feet as the first well, but also logged three additional pay zones. The lowest zone tested at rates of up to 13.0 MMcf/d and is expected to initially produce at rates of 10 MMcf/d. The upper four zones will be recompleted in the future, successively, subsequent to the depletion of the lower zones. Beta Oil & Gas, Inc. owns a 15% working interest in the well. Houston based IP Petroleum Company (a division of International Paper) owns 50% of the well and is the operator of the field. Houston based Cheniere Energy owns a 35% working interest in the well.