Torrent Issues Update on Pacific Northwest Drilling
Torrent Energy Corporation reported the following developments from its wholly owned operating subsidiaries, Methane Energy Corp. and Cascadia Energy Corp.
Methane is progressing with its Westport drilling program and to date has successfully drilled five wells, MEC 9-21-26-13, MEC 1-21-26-13, MEC 15-21-26- 13, MEC 16-16-26-13 and MEC 13-15-26-13. All wells were logged and cased and each has encountered numerous gassy coal seams consistent with the wells' individual geological prognosis. On December 9, 2006, completion operations commenced on the MEC 13-15 and MEC 15-21 and each well was perforated over the total coal package in each well then shut-in for pressure build-up.
Planned operations are to perforate the coal seams in the remaining 3 wells during the first week of January followed up with injection fall-off testing on all five wells. The technical information gathered from this testing program will be utilized to design appropriate proppant stimulations anticipated to occur in March when equipment becomes available to us.
Injectivity testing will also occur on several of these wells in a fractured basalt section to determine suitability for use as a water disposal zone.
Drilling operations have been put on hold at this time to allow us to properly assess the potential of the initial five Westport wells. The Roll'n Rig #14 has been racked locally in Coos Bay and remains available for future work. However, the Methane Operations team has determined that a smaller rig would be more appropriate to drill the remaining wells in the program, therefore requests for bids have been issued and we expect to identify and engage a new drilling contractor early in January. Currently it appears there is better rig availability in the North American petroleum industry and we have identified a number of smaller, more efficient rig types that will allow us to drill the remaining wells faster and for less cost.
Cascade has now identified its initial drilling prospects in the Chehalis basin in the State of Washington and has filed the appropriate drilling permits for the initial three wells. Approvals and commencement of drilling operations is expected to occur in the first quarter of 2007.
Torrent's President & CEO, John Carlson, states, "We appreciate the assistance Roll'n Oilfield Services provided since the inception of our drilling program in Coos Bay. It allowed us to drill wells during an overheated period of activity in the North American petroleum industry when rig availability was limited. However, it is time to utilize more modern and efficient equipment specifically designed to drill coalbed methane wells less than 3,000 feet in depth. We anticipate an overall reduction in our drilling related capital expenditure ultimately reducing our finding and developing costs and improving the project rates of return."
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company's primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company's Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 116,000 acres of prospective land. The Company's Washington subsidiary, Cascadia Energy, is focused on two projects in southwestern Washington State where it holds substantial lease and lease option commitments.
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