Fortune Makes Discovery at the Yarrow Prospect
Fortune Natural Resources has made its first discovery in the Yarrow Prospect in east Texas. The Yarrow Prospect well encountered approximately 15 feet of pay in the well's principle objective zone. Completion operations have begun. Fortune has a 25% working interest in the well.
As Fortune previously announced this year, it has acquired a 25% working interest and a cooperating position in a large-scale onshore oil and gas exploration and development program in Texas. The Program makes use of an approximate 48,000-mile major energy company's seismic database covering East Texas, the Texas Gulf Coast and South Texas that has not been previously available to the industry. Fortune and its partners have been reprocessing the data with the latest state-of-the-art technology and processing techniques to significantly enhance the data.
Originally, Fortune announced that it anticipated a minimum of 50 drillable prospects would be identified from 250 prospect leads after 100% of the seismic data had been reprocessed and interpreted (reprocessing is expected to be completed by September 2003). With approximately 25% of the seismic data fully reviewed, over 50 new prospects have already been identified. Fortune anticipates additional prospects will be identified with similar characteristics as reprocessing and review continues on the balance of approximately 75% of the seismic data.
Once completion operations are completed on the Yarrow Prospect well, the same rig will be moved to Fortune's Curly Duck Prospect to commence drilling next week.