PORTLAND, Maine, Oct. 25, 2011 /PRNewswire/ -- Magellan (NASDAQ:
MPET) (ASX: MGN) has begun a new series of infill wells at Poplar
Field in Roosevelt County, MT.
The aim of this drilling program is to boost Magellan's
production levels while providing useful data for implementing a
CO2-enhanced oil recovery pilot.
The first infill well, EPU 119, was completed during the week of
October 17th in the B-2 zone of the
Charles formation. Swab testing indicates oil production of
approximately 45 barrels per day. Following several weeks of
pump-testing, Magellan will evaluate a second interval in this well
given the significant upside potential in several zones behind
pipe.
Magellan will continue to communicate significant operational
results to the market as they occur. Going forward, Magellan
will release information on partner activity, marketing, and other
material events only as developments become definitive.
FORWARD LOOKING STATEMENTS
Statements in this release which are not historical in nature
are intended to be, and are hereby identified as, forward-looking
statements for purposes of the Private Securities Litigation Reform
Act of 1995. These statements about Magellan and MPAL may relate to
their businesses and prospects, revenues, expenses, operating cash
flows, and other matters that involve a number of uncertainties
that may cause actual results to differ materially from
expectations. Among these risks and uncertainties are: (i)
whether the recent infill well activity at the Poplar Field will
successfully boost Magellan's production level and yield data
necessary to successfully implement a C02-enhanced oil recovery
pilot; (ii) whether swab testing results accurately depict future
oil production capabilities from the B-2 zone of the Charles; and
(iii) the production levels from the Poplar Field and the
recoverable reserves at that field.
SOURCE Magellan