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morning started off nice...this afternoon should have some more buying coming in..this ticker likes to rise in the sencond half of the day...
KingSu
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TransAmerican Energy Announces Successful Test in Buckner Haynesville Formation at Rogers 10-4 well in Morton Field
13:20 EDT Wednesday, July 26, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 26, 2006) - TransAmerican Energy Inc. (TSX VENTURE:TAE) is pleased to announce a successful test of the Rogers 10-4 at Morton Field, Scott County, Mississippi. TransAmerican reentered and cleaned out the well originally drilled by Ashland Petroleum in 1977 to an additional depth of 15,017 feet. In collaboration with the onsite logging company, the Company's Geologist and Engineers interpreted a cased hole evaluation log revealing over 300 feet of unproduced oil and/or gas.
During the test phase, the Company first cemented off a previously produced interval. Then, with new perforations in an interval from 14,226 to 14,436, a swab test indicated that the well could flow at a rate of at least 100 barrels of oil per day. Testing over a ten-day period, the well has yielded improved oil and gas flow each day as the perforations continued to clean out drilling formation disturbances and perforating debris. Most recent tests indicate that the well is currently feeding in oil at the rate of 4 to 5 barrels per hour, with very little water; together with gas estimated at approximately 100,000 cubic feet per day.
Production is from a Buckner Haynesville formation of Jurassic age. The nearest Buckner Haynesville known production is located approximately 7 miles west of Morton Field, at Pelahatchie Field, where Shell Oil Company tested the formation at a rate of 1,500,000 cubic feet of gas per day, comprised of 50% methane and 50% CO-2. Mississippi Oil & Gas Board production records indicate the Buckner Haynesville formation has produced over 6,000,000 barrels of oil together with over 300 Billion Cubic Feet of gas from seven fields in Mississippi. The majority of wells drilled in Mississippi to date have not reached a depth sufficient to see these formations.
Management is proceeding with the assembly of production equipment for the well, including a pumping unit and holding facilities.
The evaluation log completed on the well indicates additional zones that appear to be productive, situated at shallower depths. These shallower zones may be an objective for additional development in the Morton Field. Since evaluation of the well, the Company has embarked upon a lease acquisition program to acquire additional leases in the area.
Subsequent to July 31, 2005, TransAmerican Energy acquired a 100% working interest before payout (50% after payout) in and to the petroleum and natural gas rights to the Morton Field.
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