U.S. Energy Corp. Announces Initial Production Results From Bluffs Well
U.S. Energy Corp., a natural resources exploration and development company with interests in molybdenum, oil and gas, and real estate, today announced that its partner, PetroQuest Energy L.L.C. has advised the company that initial production from the Bluffs well in Louisiana is currently producing approximately 14,000 MCF and 500 barrels of oil per day or an equivalent of 17,000 MCFE/D. Upon reaching contract depth on the Bluffs Prospect in September, PetroQuest encountered approximately 85 feet (true vertical depth) of net pay in the Cris I — Hollywood I Sand. The Bluffs well went into production on November 3, 2008. U.S. Energy Corp. has a 15% working interest in this well and an approximate 10.4% net revenue interest.
“As previously announced, we initially expected that this well would produce at a rate of approximately 10,000 MCF/D, so we are understandably very pleased with these much higher initial production rates,” stated Keith Larsen, CEO of U.S. Energy Corp. “With our strong balance sheet, we will continue to advance our oil & gas portfolio in the upcoming New Year. We look forward to announcing further milestones as they are achieved,” he added.
