Saratoga sees more liquids potential at Grand Bay

Saratoga Resources Inc., Houston, has dually completed its QQ-25 Roux Toux well in Main Pass Block 47 field on State Lease 195 in the Gulf of Mexico offshore Louisiana and tied it back to the company’s Grand Bay production facility.

Dual completion involved the 13 and 17 sands. The well demonstrated better than expected initial rates of a combined 290 b/d of oil and 2.5 MMcfd of gas with 1,800 psi flowing tubing pressure on a 14/64-in. choke on the short string and 275 psi at 30/64-in. on the long string. Total depth is 8,453 ft measured depth, 8,000 ft true vertical depth.

Meanwhile, the company produced 1.1163 million bbl of oil equivalent, 61% crude oil and 39% natural gas, in 2012, up 18% from 2011 output. It achieved the gain despite the production shutdown due to Hurricane Isaac in the third quarter and lingering effects into the fourth quarter of 2012.

Saratoga sells crude oil on the Light Louisiana Sweet and Heavy Louisiana Sweet markets, both currently at a premium of approximately 20% to West Texas Intermediate posted prices. Gas sells on Louisiana markets, and the company receives a premium over NYMEX Henry Hub posted prices due to BTU content and quality adjustments.

The company expects to report writedowns in yearend 2012 reserves due to gas price weakness in 2012, but it has also reprocessed its proprietary Grand Bay 3D seismic data and relaunched detailed field studies from which it expects to derive development drilling opportunities with a higher liquid component (OGJ, Dec. 6, 2010, p. 68).

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