Consolidated Minerals Completes Louisiana Wells
Consolidated Minerals Management Inc. has completed drilling two wells in Caddo Parrish, La. The Light #1 is currently being evaluated, while the second test on the Bell #7 tested at a rate of 48 million cubic feet per day on a one-eights sixty-fourths choke and 140 pounds flowing tubing pressures. CMMI has disclosed that they have signed a farm-out agreement covering the 640-acre lease and are currently in negotiations to acquire an additional 2400 acres from the same operator. Subject to obtaining financing, CMMI could drill between 40-60 locations over the next 12-24 months on the 640-acre farm-out.
CMMI is currently working to obtain funding that would allow for the drilling of eight development wells to be drilled by the end of 2002. Based on current pricing and the existing testing on current wells, each well could generate an average of $2,000 net revenue per well per month.