Bayard Energys Initial Drilling Program Yields Promising Resultsadmin
Thursday, August 10th 2006
Bayard Energy Solutions Inc., a Texas oil and gas exploration company, announced the successful drilling and completion of the Beulah No. 2 Well in southeastern Texas, the first well in Bayard’s promising multi-well Golden Harvest drilling program.
Drilling began in Matagorda County, Texas, July 8 with the operator preparing to test seven sands from 2,500 to 9,900 feet for commercially viable oil and gas reserves. The well reached total depth of 9,380 feet at Beulah No. 2 July 16 and logging occurred the next morning. Marvin Zeid of Petroleum Advisors International, Inc. has been retained to conduct a detailed potential reserve analysis. This study should be ready soon, but preliminary estimates predict approximately 1.5 BCF of natural gas at the site, along with condensate.
“Our success with the Beulah No. 2 is gratifying, because it puts Bayard in position to recover its capital faster than our competitors,” said Bayard Energy Solutions Chief Executive Christopher A. Dixon. “This news is the direct result of our commitment to sound research and project control at every stage of the oil and gas exploration process, and our strict adherence to working with only the very best people in the field. These two simple strictures result in a substantive difference for our company.”
“Bayard’s tax-efficient direct participation model gives it the best opportunity to succeed in a business that continues to get more and more competitive, and as a result prohibitively expensive for the average company,” Mr. Dixon added.
The company expects all the program wells to be drilled completely by late October or early November.
The company’s research for the Golden Harvest program was conducted by its geologist, Steven R. Conn, an industry veteran with nearly 30 years of project development and exploration experience. Mr. Conn is well versed in seismic data acquisition and processing and previously has explored for some of the industry’s top names, including Burlington Resources. His work includes exploration in seven basins, where he has discovered more than 1 trillion cubic feet of gas.
“Steve’s ability and experience are as impressive as any in the industry and, with the news at Beulah No. 2, his work is already obviously paying dividends for our company,” Mr. Dixon said. “Steve’s stellar track record, combined with Bayard’s unique business model, means the company can continue to expect promising production returns.”
Moving forward, Bayard expects to continue to leverage its relationships in the oil and gas community to provide this type of capital returns to the company.
Bayard has already begun operations on its second program well, the Galveston Bay Prospect. A jack-up drilling barge is on-site preparing to begin drilling operations in the coming days.
SOURCE: Bayard Energy Solutions Inc.