gas well comes in over expectation

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 recompletion
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.