Meridian's Emery Hudson well in the Michigan Reef Trend is continuing to produce both gas and condensate at a rate of approximately 1.2 to 1.5 million cubic feet per day. To date, the total gas and condensate production from this well since production began is 257 million cubic feet gross and 2,900 barrels of condensate gross. The Company intends to perforate the upper zone of the well bore as it contains significant porosity, for 120 feet, of between 6% and 9%. This perforation is likely take place in January 2005 and should not involve the well being out of production for a material period of time.
The reef is believed to be approximately 100 acres in size and it is intended,
based on performance, to add an additional well into this reservoir in due
course. The Company is currently reviewing a study of 3-D seismic data of the
reef in this regard.
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