Carrizo Oil & Gas announces several drilling successes

Apr 20, 1998 02:00 AM

Carrizo Oil & Gas announced the following successful deep discovery wells:
-- A Lower Wilcox discovery well drilled in Dewitt County, Texas in the Company's Metro Project area recently tested at a rate of 2.0 million cubic feet of natural gas per day at 7,000 psi flowing tubing pressure. Carrizo has a 25 % working interest in the well. The well is scheduled for fracture stimulation and is expected to begin commercial production by the end of April.
-- The Tregre #1 well, the first of the Company's recently acquired Louisiana 3-D well prospects, was successfully drilled and tested in LaFourche Parish. The well tested at a rate of 1,680 bpd and 1.3 mm cubic feet of natural gas per day at 1,370 psi flowing tubing pressure, through perforations at 13,000' to 13,028', which is the bottom 28 feet of a 74 foot pay interval in the Rob 3 sand. Carrizo has a 10.9375 % working interest. Commercial production is expected to commence before the end of April.
-- The Company's "Live Oak" prospectwell in Vermillion Parish, Louisiana has now reached its total depth of 14,000 feet and encountered apparent pay in two zones. The well is presently being sidetracked to a more optimal position in the formation. Carrizo has a 10 % carried working interest to casing point. The well is expected to be tested and the Company should be able to release the test results in the near future.
The Company participated in the drilling of 10 gross wells during the first quarter of 1998 and experienced a 90 % success rate. On the four wells that were drilled deeper than 10,000 feet, the Company experienced a 100 % success rate. The majority of these wells, however, were not on production during most of the first quarter. As a result the Company estimates that first quarter production increased approximately 10 % over fourth quarter 1997 levels.
S.P. Johnson IV, president and CEO, commented "We are encouraged by our drilling success during the first quarter and, in particular our success rate on the deeper higher potential prospects. We are disappointed in our production increase and that we were unable to drill the approximately 18 additional 3-D seismic supported prospects that were delayed by weather and land/contractual issues.
Most of these issues now have been resolved. We presently have 6 wells being drilled, 5 more due to be spud shortly and expect to have 11 rigs running by the end of April. Seven wells should be logged by month end.
"We believe that the initial test results validate the quality of our deeper prospects and we are particularly excited by the Dewitt County discovery as we have identified 5 additional potential Wilcox prospects in other faultblocks, along with several potential Yegua prospects, in this project area. In addition, we anticipate completion of five additional 3-D seismic shoots in the same geological trend as the Metro Project by the end of the year."

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