Odyssey Petroleum to Run Further Tests on Pelatachie Well

Odyssey Petroleum has moved the drilling rig off location and moved a workover rig on the Karges 1A well in order to bring the well into production. Production facilities, including wellhead, production tubing, and holding tanks with flow lines have been installed.

After running and cementing in approximately 11,400 ft of 51/2 inch production casing in the well, Odyssey engaged Baker Atlas to run a cased hole evaluation log in order to gleam additional clues on productive zones found in the well. The log results indicated even more production possibilities than originally evaluated with the open hole logs, which had been run at the time of reaching total depth in the well.

With more positive indicators than expected, Odyssey's petroleum engineers with caution engaged another company - Halliburton Wireline - to run their suite of logs over some of the same log intervals in order to provide an independent evaluation of the Baker Atlas open hole and cased hole results. This logging was completed during the weekend. Management is pleased to report that the Halliburton log confirmed significant positive oil and/or gas production signatures in numerous intervals from 6,800 ft subsurface to 11,400 ft subsurface.

Odyssey is running a bond log in order to verify that the cement surrounding the first zone targeted for completion (at 11,300 ft) is good, and if so, Odyssey intends to perforate the well for production using a deep penetration casing gun. Following production perforations, the workover rig will then run 11,200 ft of 2 7/8ths tubing in the hole with a packer, thereby setting the well up for swabbing test in the next day or two. The results of the production test will be announced as soon as obtained.