Gulf of Mexico
ATP Oil & Gas Corp., Houston, started production from the fourth well at its Telemark Hub off Louisiana.
The company is gradually increasing the oil production rate at the Mississippi Canyon Block 942 A-3 (No. 2) well as the well goes through the initial stages of production. The early production rate performance has met expectations.
The A-3 well, in Morgus field, is the fourth to be brought on production using the ATP Titan floating drilling and production platform. ATP operates the hub in 4,000 ft of water with a 100% working interest and has a 100% ownership in ATP Titan LLC, which owns the ATP Titan and associated lines.
Louisiana
Sanchez Oil & Gas Group will purchase the Catahoula Lake project in LaSalle, Rapides, and Grant parishes, La., from Pryme Energy Ltd., Brisbane.
Proceeds $1.625 million from the sale of its interest provides a modest profit over the carrying value of the project, Pryme Energy said.
Pryme Energy said funds from sale will help it focus on its flagship oil project at Turner Bayou, La., and pursue other exploration opportunities with greater prospectivity. Oil and gas sales from the LaSalle, Four Rivers, Raven, and Turner Bayou projects will continue to provide the company with reliable monthly income from production, the company said.
Texas
Aminex PLC's Aminex USA Inc. subsidiary is selling Somerset field in Bexar and Atascosa counties, Tex., as it rationalizes its assets.
Part of the field is being sold for $326,600 to Sun Edison, which will construct solar farms on the property. The rest of the field and related assets are being sold for $375,000 to Cheap Oil Inc., which Aminex said takes responsibility to plug and abandon old wells, estimated by Aminex to cost $2 million, and assumes liability for equipment leases.
Aminex purchased Somerset field, discovered in 1911, in 1994. The property consists of a large number of stripper wells. Aminex has attributed no reserves value to Somerset in recent years due to the potential abandonment liabilities and a high operating cost per barrel.
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