Fidelis finds new natural gas reservoir near Sacramento

Jun 23, 2004 02:00 AM

Fidelis Energy, an oil and gas company dedicated to developing North America's energy resources, is pleased to announce that the company and its partners have found an undiscovered natural gas reservoir near Sacramento, California. Engineers have calculated the first well to have an AOF (absolute open flow rate) of over 12 mm cfpd. This would equate to enough natural gas when supplied to a power plant to provide electricity to more than 125,000 homes daily.
With 1,000 acres under lease at the North Franklin Project, Fidelis Energy could drill up to 5 more wells on the property. The announcement was made by Dan Hodges, Spokesperson and Project Consultant for Fidelis Energy.

Gas samples acquired during the recent flow test produced a 94 % pure result (Btu content of 940). In addition, reservoir engineers report that the Company can expect excellent deliverability under producing conditions. Given the casing pressure was increasing at the end of the testing period, the resulting absolute open flow rate of 12 mm cfpd is a conservative calculation.
California is a net importer of natural gas and cannot produce enough gas to meet daily demand; this discovery could result in the state becoming more self-sufficient.

Regarding the new gas discovery, Mr Hodges stated, "We are extremely pleased with this discovery. With fuel prices at record highs and the demand for natural gas increasing, it couldn't have come at a better time." Mr Hodges added, "We anticipate that the North Franklin Project will be in commercial production following pipeline tie-in."
The North Franklin Project is located in the Sacramento Basin and is situated along the "Eastside Winters Stratigraphic Trend" which has produced in excess of 450 bn cf gas. The objective gas reservoir target at North Franklin is in the Winters Formation.

Mr John Howe, President of Archer Exploration of Bakersfield whose company authored the play and is a partner in the North Franklin Project states that "the success of this initial well culminates over two years of geological and engineering preparation work by Archer. We look forward to working with Fidelis Energy on the upcoming development of this newly discovered gas reservoir and on other projects in California."

Based in Tucson, Arizona, Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in California, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America.

Source: PRNewswire
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