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Excellent news for the stock. chart looks good for rebound too!
The Meridian Resource Corporation Announces Production Test Result on Its Goodrich-Cocke No. 4 Well Tuesday May 23, 1:43 pm ET
HOUSTON--(BUSINESS WIRE)--May 23, 2006--The Meridian Resource Corporation (NYSE:TMR - News) today announced initial production test results on its Goodrich-Cocke No. 4 development well on the Son of Pink Floyd prospect, located in Iberia Parish in the Weeks Island Field. The well was drilled to approximately 8,100 feet measured depth ("MD") and logged approximately 91 feet of gross gas pay in the Miocene "BF4" sand section. The well was tested through a total of 24 feet of perforations in three separate intervals. The well was tested at a gross daily flow rate of up to 640 barrels of oil and 4.3 million cubic feet of gas. Flowing tubing pressure was measured at approximately 2,100 psi through a 22/64th-inch choke and shut in tubing pressure was measured at approximately 2,600 psi. Production from the well will require construction of a pipeline and production facility tie-ins, which the Company expects to have completed during the second quarter of 2006. The Company anticipates owning an estimated 68% working interest (50% net revenue interest) in the well, subject to final unitization approval by the Louisiana Department of Conservation.
ADVERTISEMENT The Coastal No. 20 rig utilized to drill this well was moved within Iberia Parish to drill the J.A. Smith No. 1 well on the exploratory "Y-Not" prospect to test a sand in the Lower Miocene formation at a depth of approximately 16,000 feet MD. The well is currently drilling at approximately 5,100 feet MD.
Operations have begun on the first of two horizontal laterals in the Blackstone Minerals No. 1 well to test the Austin Chalk formation. The well was recently drilled to 14,500 feet and logged and cored apparent gas pay in the Austin Chalk formation. The drilling of the two laterals is expected to take a total of approximately 65-70 days. A pipeline has been laid to the well so that it can be flow tested upon the completion of the second lateral.
The Meridian Resource Corporation is an independent oil and natural gas company engaged in the exploration for and development of oil and natural gas in Louisiana, Texas, and the Gulf of Mexico. Meridian has access to an extensive inventory of seismic data and, among independent producers, is a leader in using 3-D seismic and other technologies to analyze prospects, define risk, target and complete high-potential wells for exploration and development. Meridian is headquartered in Houston, Texas, and has offices in Tulsa, Oklahoma as well as a field office in Weeks Island, Louisiana. Meridian stock is traded on the New York Stock Exchange under the symbol "TMR".
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