Meridian Releases Production Results from 4th Biloxi Well

The Meridian Resource Corp. revealed the initial production test results from its Biloxi Marshlands No. 1-2 well. The well was tested from the Lower Cris I sand interval through 40 feet of perforations between 9,102 and 9,159 feet measured depth (MD) at a stabilized gross daily flow rate of approximately 16.1 million cubic feet of gas equivalent per day (mmcfe/d). Flowing tubing pressure was measured at 2,875 psi (pounds per square inch) with a shut-in tubing pressure of 3,690 psi. The well was drilled to 9,625 feet MD, or 8,999 feet true vertical depth (TVD). The Company owns a 71.6% working interest (WI) and a 50.7% net revenue interest (NRI) in the well.

Prior to the addition of the BML No 1-2 well, the Company's previously reported Atlas and Southwest Atlas field discoveries in the Biloxi Marshlands project area were producing at a combined gross rate of approximately 52.0 mmcfe/d, or a net rate of 34.1 mmcfe/d to Meridian's interest. The Company is currently moving the drilling rig to begin operations on the Biloxi Marshlands No. 18-1 well. As a part of its continued exploration program, the Company is in the field acquiring 187 square miles of 3D seismic data which will form the basis of future drilling projects.