Meridian Reports Test Results of Davis A-388 No. 1 Well in East Texas Austin Chalk Playadmin
Thursday, August 28th 2008
The Meridian Resource Corporation announced initial production test results on its Davis A-388 No. 1 well, located in Polk County, Texas in the Company’s East Texas Austin Chalk Play. The well was recently tested at gross daily flow rates as high as 19 million cubic feet of natural gas per day (“Mmcf/d”) and 3,200 barrels of oil per day (“BOPD”). Flowing tubing pressure was measured at approximately 1,200 pounds per square inch through an open choke. Instantaneous shut-in pressure was measured at 4,650 psi. The well was drilled vertically to approximately 13,000 feet then added two horizontal laterals. The first lateral extends approximately 6,000 feet in length with the second extending approximately 5,500 feet for a total wellbore exposure in the Austin Chalk of 11,500 feet.
The dual lateral well is still in a “clean-up” of drilling fluids phase with intermittent fluctuations normally experienced during the first several day phases of production for wells similarly drilled and produced in the area. The Company expects that the well will display similar producing characteristics to other Austin Chalk wells in the area, with the typical hyperbolic decline curve from current production levels during the coming months. The Company has approximately 45% working interest in this well (31% net).
The rig that was utilized on this well was moved to drill the dual horizontal BSM A-507 No. 2 well and is currently at approximately 1,000 feet. Additionally, the Sutton A-574 No. 1 well, was recently spud and is currently drilling the vertical section of a scheduled dual horizontal well at a depth of approximately 2,500 feet.
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.”