Bayou Bend Reports First Production from Marsh Island Project
Bayou Bend Petroleum Ltd. on Wednesday first production from the Marsh Island project located in the state waters of Louisiana.
The Greylock well, in which the Company holds a 54.5509% interest, commenced production on June 8, 2007 and is currently flowing at 3.1 MMCF/D. The well, which is the Company's first drill in its multi-well program, is tied into the Company's EI-7 production facility. In addition, two idle wells (35.5809% interest) beneath the production facility have been returned to production at a combined stabilized rate of 1.1 MMCF/D for current total field production of 4.2 MMCF/D. Company share of total field production is 2.1 MMCF/D.
The Greylock well was spudded on February 19, 2007, reached a total depth of 10,500 feet on March 3, 2007, and was immediately completed. Completion activities were finished and the rig off location by March 17, 2007. Pipeline and tie-in activities commenced immediately upon well completion and were completed ahead of the anticipated hook-up time of 90 days.
The Marsh Island project comprises a quality portfolio of gas/condensate assets onshore/offshore Marsh Island in the Gulf of Mexico, including the 40 MMcfgpd production facility that is tied into the existing regional pipeline infrastructure. This facility has allowed the Company to accelerate production timing and reduce capital costs with the successful completion of its first well. The second well in the drilling program, the Boot Spur prospect, is planned to spud before the end of June, 2007. The Todco 52 has been contracted to drill the Boot Spur prospect. Location preparation is underway for the rig. The Boot Spur prospect is a 15,700 feet geopressured CibOp test that will offset the recent Dutch discovery by Contango Oil and Gas Company.
"Bayou Bend is very pleased to have established its first production in the Marsh Island project. We look forward to continuing our exploration success and building upon our first discovery," commented Clinton W. Coldren, President and Chief Executive Officer of Bayou Bend.
Bayou Bend is an oil and gas exploration and production company with a focus in the Gulf of Mexico shallow water shelf area. The Company has lease interests in the State Waters of Louisiana near Marsh Island and owns a 100% interest in several Federal OCS blocks offshore Louisiana and Texas. The Company has an aggressive drilling program planned for 2007 including a minimum of 7 exploration wells.
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