USA Superior's Bateman Field Production Hits 1,000 BOC 1st Half of April
USA Superior Energy Holdings, Inc. (USSU), a Houston based energy company focused on shallow well acquisition, rework, enhanced recovering (EOR) and drilling of existing proven fields that have been idle or marginally producing, announced the company has 88 producing and shut-in wells on approximately 1,200 acres on which the company has now commenced a two phase productivity improvement program. The first phase, known as the renovation (restoration repair) phase, has been completed on the 88 wells. Mr. Roland Carey, Chairman and CEO, stated, "The wells that have been reworked and refurbished are generating an average of more than 1 to 1 1/2 barrels per day as compared to the 1/2 barrels per day average produced prior to reworking and being refurbished. As this work has begun in the first quarter, continued improvement has occurred on production and we will continue to work to optimize these wells over time "
Mr. Carey further stated, "Previously, we had given guidance that we felt we could produce up to 1,500 BOC during the month of April. During the first 15 days of April we produced and sold approximately 1,000 BOC at $94.59 for Net Revenues of $72,786.65. Despite the slower production in the last half, with the production in the first half of April, we believe production will reach approximately 1,400 to 1,500 BOC during the month of April as previously stated. We are delighted that our success in the start up of Bateman is exceeding our expectations. We will continue to finish the planning to execute a more rapid program in the Bateman field for the balance of 2008."
As a result of this success, the Company fully intends to accelerate all of its rework and drilling programs in the Bateman Field during the remainder of the year. The Bateman Field is in Caldwell and Bastrop Counties in Texas, has 88 wells on 1,200 contiguous acres. The Company's core focus is prospects with a shallow field depth of 2,600 feet. The Company has planned on approximately 1,500 barrels of production during the next few months. The increased production in April may not be consistent with previous months' output. Production will be rising as we complete the reworking and stimulating the existing wells and commence drilling on the balance of the field. When full production occurs on our Bateman acreage, we will have approximately 111 producing wells.