$15,000 for $395,000 return !!!

Do the maths, 17 more to go..........


http://www.carpenterpacific.com.au/pdf/ASX_Reports_2005/feb/140205%20-%20Harris%20Recompletion.pdf


14 February 2005 Successful Re-completion of First Well at Jefferson – McLeod results in substantial increase in production rate Carpenter Pacific Resources Limited (ASX:CPC) (“Carpenter Pacific”) advises that the Harris well has substantially increased production following its successful re-completion. The well was successfully perforated and fraced in the Petitt reservoir in the Harris well at the Jefferson-Mcleod Project in North East Texas. The well is now producing at a rate of 600 mcf equivalent per day (1mcf = one thousand cubic feet). Prior to the re-completion this well was producing at a rate of 70 mcf equivalent per day. The well is connected to a pipeline and the gas is being sold. Carpenter Pacific has a 30% interest in this well. At the current prices for gas of US$6 per mcf, this well will net greater than US$5 per mcf after operating costs. Carpenter Pacific’s share of the re-completion cost was approximately US$15,000. As part of the current 3 well program, this re-completion will be followed by two additional well re-completions during the next several weeks. The success of this re-completion confirms Carpenter Pacific’s strategy of redeveloping low pressure reservoirs that were prematurely abandoned in a low price gas environment. The Jefferson-Mcleod Project acreage is part of the large Rodessa field which to date has produced over 3 Tcf (Trillion cubic feet) of gas equivalent. For further information contact: North American Contact: Mr Jeff Clarke Managing Director & CEO Ph: +0011 214 244 7690 Email: [email protected] Australian Contact: Mr Peter Collery Executive Director and Company Secretary Ph: 03 8862 6466 Email: [email protected]