LONDON (Thomson Financial) - Meridian Petroleum, the U.S.-focused
oil-and-gas exploration and production company, said its Orion 36 well in
Michigan has set a new daily gas production record of 5.57 million cubic feet
per day (mmcfd) on June 28, 2008.
The company said that $4 million in capital expenditure on the well has now
been fully recovered and, as a result, the company's net revenue interest from
the well's output will fall to 54.589 percent from 72.785 percent.
Meridian said its gas customer plans to carry out repair and maintenance
work on its pipelines in mid-July, and consequently the Orion well will be
shut-in for 7 -10 days.
The company will use this opportunity to take new bottom hole pressure data
which will then be submitted to RPS Energy for further assessment of the Orion
reserves, Meridian said.
Meridian has also confirmed its buy of 60 percent of Rozel Energy's net
revenue interest in the East Lake Verret Field, Louisiana, first announced on
June 12.
Total gas production in June was 132 million cubic feet (mmcf) at an average
daily rate of 4.72 mmcfd, while the production of natural gas liquids during the
month was 1371 barrels (bbls).
"Another excellent performance by Orion in June has now been augmented by
our newly acquired oil and gas production in Louisiana.
"In June we produced over 24000 boe of hydrocarbons at an average daily rate
of over 800 boe. Given recent price moves, we expect total revenue from our net
revenue interests in June to be over $2 million," said Chairman Stephen
Gutteridge.
TFN.newsdesk@thomson.com
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