Meridian Reports Status Update On Weeks Bay No. 15 Welladmin
The Meridian Resource Corporation announced that the Weeks Bay No. 15 well was recently placed on production. This well, located in Iberia Parish in the Weeks Island field, was sidetracked and drilled to approximately 8,900 feet measured depth and logged approximately 43 feet of overall prospective oil pay in the Miocene sand section. The well was put online last week and has produced at an average rate of approximately 330 barrels of oil per day and 120 Mcf of gas. Flowing tubing pressure was measured at approximately 1,200 psi through a 11/64th inch choke. Meridian owns approximately 92% working interest (80% net) in the Weeks Bay well. Currently, the overall average daily production for the Company ranges between 37 and 39 Mmcfe per day.
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”.