HOUSTON, April 9, 2009 (GLOBE NEWSWIRE) -- The Meridian Resource Corporation (NYSE:TMR) today provided an update to its recent operations.
South Louisiana
In the Weeks Island area, Meridian recently tested the Goodrich-Cocke No. 7 well. The well was re-entered and sidetracked to approximately 8,000 feet measured depth and logged approximately 160 feet of overall prospective oil pay in the Miocene sand section. The well was gravel packed and tested from 58 feet of perforations. The well is currently producing approximately 700 barrels of oil per day and 1.3 Mmcf gas per day, with no associated water production. The flowing tubing pressure of the well was measured at approximately 2,000 psi through a 20/64th-inch choke. Meridian owns approximately 63% working interest (48% net) in this outside operated well.
Also in the Weeks Island area, Meridian recently recompleted the Myles Salt No. 27 well. Approximately 30 feet of "O" sands in the Miocene formation were perforated at a depth of approximately 10,800 feet. The well was tested directly into sales at a gross daily flow rate of 680 barrels of oil and 540 thousand cubic feet of gas per day. Flowing tubing pressure was measured at approximately 1,600 psi through an 8/64th-inch choke. Currently the well is producing at a rate of 430 barrels of oil per day and 235 thousand cubic feet of gas per day. The Company owns approximately 72% working interest (59% net) in the well.
Additionally, as previously announced, the Weeks Bay No. 15 well, in the Weeks Island field was tested at a gross daily flow rate of up to 685 barrels of oil per day. Production from the well required construction of a pipeline and production facility tie-ins, which are expected to be completed in the coming weeks. Meridian owns approximately 92% working interest (80% net) in the Weeks Bay well. These wells are part of an important portfolio of exploitation projects in the Weeks Island Field that the Company has available to it.
East Texas Austin Chalk
In the East Texas area, the Company finished and completed the Black Stone Minerals A-278 No. 1 well. The well was drilled vertically to approximately 12,500 feet then added two horizontal laterals. The first lateral extends approximately 4,800 feet in length, with the second extending approximately 1,700 feet. Due to unanticipated and unusual wear in the intermediate casing (and the associated safety risk) in the vertical section of the well, drilling for the second lateral was curtailed. Initial production test results were below those of other Meridian wells tested in the area. Currently the Company and its partners are in the process of cleaning up the well with plans to stimulate it as soon as possible. The Company has approximately 63% working interest in this well (42% net).
Meridian is also participating in the outside operated Davis A-39 No. 1 well (28.1% WI). This well has completed its first lateral at approximately 5,000 feet in length. The second lateral is currently at a length of approximately 3,000 feet, going to a targeted 6,000 feet in length.
The Meridian Resource Corporation is an independent oil and natural gas company engaged in the exploration, exploitation, acquisition and development of oil and natural gas in Louisiana, Texas, and the Gulf of Mexico. Meridian has access to an extensive inventory of seismic data and, among independent producers, is a leader in using 3-D seismic and other technologies to analyze prospects, define risk, target and complete high-potential wells for exploration and development. Meridian is headquartered in Houston, Texas, and has a field office in Weeks Island, Louisiana. Meridian stock is traded on the New York Stock Exchange under the symbol "TMR".
Safe Harbor Statement and Disclaimer
Statements identified by the words "expects," "projects," "plans," and certain of the other foregoing statements may be deemed "forward looking statements." Although Meridian believes that the expectations reflected in such forward looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices. These and other risks are described in the Company's documents and reports, available from the U.S. Securities and Exchange Commission, including the report filed on Form 10-K for the year ended December 31, 2008.
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