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re: worried...its out---more oil and gas October 11, 2005
SUCCESSFUL RECOMPLETION OF HUNTINGTON #3 WELL IN EAST TEXAS FLOWS AT 1.9 MILLION CUBIC FEET EQUIVALENT PER DAY
The company is pleased to announce the successful recompletion of the Huntington #3 well in the 30% owned Jefferson-McLeod Project in East Texas. The Huntington #3 was an old, abandoned well that was re-entered and tested by the company and its partner.
In the recompletion of the Huntington #3, two new reservoirs were perforated and fracture stimulated. The well is currently producing from the two reservoirs commingled, at 240 barrels (“bbls”) of oil per day and 450 thousand cubic feet (“mcf”) of natural gas per day - for a total of approximately 1.9 million cubic feet of natural gas equivalent (“mmcfe”) per day - flowing at 475 lbs of flowing tubing pressure.
As a result of this success and the previously announced success of the Childers #1 (ASX Announcement of August 22, 2005), the company believes that it has at least ten further development locations on its leases, as well as an additional recompletion in the Huntington #1, to exploit this discovery and target the same reservoirs producing in the Huntington #3.
The company continues to pursue numerous other development opportunities on the remainder of its acreage in East Texas.
Commenting on the successful re-completion of the Huntington #3, Jeffrey Clarke, CPC Chief Executive Officer said: “Whereas this is a very successful and inexpensive completion in itself, its significance lies in the offsetting development opportunities that it and the Childers well have created. The company’s multi-well development drilling and recompletion program is continuing to show positive and repeatable results, with potential for a solid build-up in operating cash flow. As a result of commodity prices (currently approximately US$ 13.00/mcf and $60/bbl), operating cash flow margins should be at enviable levels.”
Recompletion operations are continuing in Utah and East Texas on several other wells. The company’s gross leasehold position encompasses approximately 12,000 acres in East Texas and approximately 22,000 acres in Utah.