Pacific Energy Kicks Off California Campaign
Pacific Energy Resources, Ltd. has begun an onshore California development drilling program.
San Joaquin Basin - McDonald Anticline Oil Field
Two development wells have been drilled in the Company's McDonald Anticline oil field in the San Joaquin Basin of California utilizing Kenai Rig #4. The first well, Intex Layman 11, was drilled to a depth of 2,414 feet. The well log shows 260 feet of gross (160 feet net) oil sand. The Company is awaiting the final analysis of sidewall cores, triple combo log, electro- magnetic image and dipmeter logs and will complete the well with a production rig within the next 2 weeks. The second well, Layman Honolulu H- 10 was drilled to a total depth of 2,495 feet. Based on mud log, this well shows 200 feet net of heavy oil sands in 3 zones and 620 feet net of light oil sands in 6 zones. A suite of electric logs is being analyzed now and the well is scheduled to be completed within the next three weeks. A complete review of these wells along with the previous petro-physical data will be used to determine future drilling targets in this field.
Los Angeles Basin - Wilmington Oil Field
Ensign Rig #9 has moved onto location to start drilling PERL 35. The well will be drilled to a measured depth of approximately 5200 feet (3200 feet subsea). This is the first well of a planned five well infill drilling program. All wells are directional and will be drilled to a subsea depth of 3100-3300 feet. The Company plans to drill an additional 62 infill wells over the next 3-4 years in this field to fully develop the assets.
The Company's on-shore reserves are estimated by DeGolyer & MacNaughton (Los Angeles Basin) & Netherland, Sewell & Associates, Inc. (San Joaquin Basin). These independent evaluators estimate these reserves to be 15.1 MMBOE (Proved) and 30.7 MMBOE (Proved, Probable & Possible) as of Dec. 31, 2006. In addition, the Company's offshore reserves are estimated to be 20.9 MMBOE (Proved) and 65.9 MMBOE (Proved, Probable and Possible) as estimated by Netherland, Sewell & Associates, Inc.
Pacific Energy is an oil and gas exploration and development company based in Long Beach, Calif.
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