Meridian Resources Logs Pay with Biloxi Marshlands Well
The Meridian Resource Corp. reports the Biloxi Marshlands No. 6-2 well at its Biloxi Marshland Project area has reached total measured depth of 11,711 feet (9,046 feet, true vertical depth). Electric logs have been run and indicate apparent pay in the targeted Cris "I" sands with an overall gross pay section of approximately 290 feet (MD) and 141 feet net pay (MD). The Company's 3-D seismic interpretations reflect a separate and distinct additional sand present and were confirmed on the electric log. Preparations for completion utilizing a larger tubing string for production than that used in the Biloxi No. 6-1 well are under way with plans to place the well on production within 10-14 days. Meridian holds a 93% working interest in the well and is the operator of the field.
This is the second well in the Company's Atlas field discovery in its Biloxi Marshlands Project area. The first well, the Biloxi Marshland No. 6-1 well, was placed on production on March 15, 2003 and is currently producing at approximately 11.5 mmcfe/d. Other wells are scheduled in the immediate vicinity and include the Biloxi Marshlands No. 7-1 well which will be drilled immediately following placing the No. 6-2 on production.
The Biloxi Marshlands Project area targets the prolific Cris "I" sands which the Company believes have been under-drilled and under-exploited until recent discoveries in the area. Meridian has options and leases comprising approximately 200,000 acres in its Biloxi Marshland Project and plans to continue shooting additional 3-D seismic surveys in the area covering all of its acreage plus approximately 200,000 additional acres of state water bottoms for an approximate total of up to 500 square miles of new proprietary 3-D seismic data.
Meridian maintains its exploration and exploitation focus searching for new reserves in the south Louisiana and south Texas Gulf Coast region. The Company believes that its exploration strategy will result in plays similar to its Biloxi Marshlands Project area and its Thornwell field in west Louisiana, both of which utilize 3-D seismic to identify potential hydrocarbon indicators for shallower, higher-confidence, multiple-well plays.
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