Meridian Resource Gets Results from 3rd Biloxi Well
The Meridian Resource Corporation has revealed initial test and production results from its Biloxi Marshlands No. 7-1 well. The well was tested into the sales line from the Lower Cris "I" sand interval through perforations between 11,063 and 11,137 feet measure depth ("MD") at a stabilized gross daily flow rate of approximately 13.5 million cubic feet of gas equivalent per day ("mmcfe/d"), at 3,100 psi flowing tubing pressure (with shut-in tubing pressure measured at 3,750 psi). The well was drilled to 11,465 feet MD (9,448 feet, true vertical depth "TVD").
With the addition of this well and the Company's previously reported Atlas field discoveries, the Biloxi Marshlands project is currently producing at a combined gross rate of approximately 52.7 mmcfe/d (net 34.6 mmcfe/d) increasing the Company's total daily production to approximately 90.0 mmcfe/d.
The Company expects to begin drilling the Biloxi Marshlands No. 1-2 immediately following the No. 7-1 well. The Biloxi Marshlands No. 1-2 will be drilled from the same surface location as the Biloxi Marshlands No. 6-1, 6-2 and 7-1 wells and will be drilled to approximately 9,573 feet MD (8,935 feet TVD). The Company expects the drilling to take approximately 20 days from spudding the well. Additional wells are scheduled for this immediate area during 2003. Meridian holds a 93% working interest in this project area.
The Company further announced that the re-completion operations at its Thibodaux No. 1 well and completion operations at its Hughes No. 2 well are on schedule with expectations that both wells will be on production within 7-10 days. If successful, the Company expects that its total net daily production will approach 95-100 mmcfe/d.
Meridian's CEO Joseph A. Reeves, Jr. stated, "The Company is on track with its plans for growth within its low-risk, multiple-well 'play' strategy versus focusing on the traditional deep, higher-risk prospect-by-prospect business plan so many of us in the industry have followed in the past. Having successfully made this transition with our Biloxi Marshland play combined with solid cash flows from its production base and strong commodity prices, Meridian is currently developing similar concepts throughout its region of focus in south Louisiana and the Texas regions of the Gulf of Mexico".
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