Drilling/Production news briefs, May 14
Petrolex Energy ... Seven Seas Petroleum ... Mountain Oil ... Tipperary ... Koch Exploration ... Karachaganak
Petrolex Energy Corp. said it has begun a two-well production drilling program at the Rubiales oil field in Colombia that will increase production and test the reservoir. The first well will be completed as a horizontal well, and the second well will be a vertical well. A third well, probably also horizontal, may also be drilled before the rainy season depending on the results from the first two wells.
Seven Seas Petroleum Inc., Houston, has begun a 2-year, 9-well development program in the Guaduas oil field in the Magdalena basin in Colombia. The El Segundo 5-South well, 2.9 km north of the El Segundo 1-E discovery well, will be drilled to 8,230 ft.
Mountain Oil Inc., Roosevelt, Utah, said it expects increases in sales and profit in the second quarter with the recompletion of 7 more wells. Mountain Oil has 24 existing oil and gas wells in eastern Utah of which 14 wells produce 200 b/d. After the recompletion program, the company expects to more than triple production to 700 b/d. The company announced a first quarter post-initial public offering loss of $110,900 or 4¢/share.
Tipperary Corp., Denver, Colo., and Koch Exploration Co., Houston, have agreed to jointly pursue a coalbed methane exploration project. Koch acquired a 50% interest in 52,000 acres that Tipperary had recently leased in Moffat County, Colo. Koch paid $2 million in cash and committed to spend $2 million for capital costs attributable to Tipperary's retained interest over the next 18 months. Tipperary will be the operator of the project.
Karachaganak Petroleum Operating BV, a joint venture company, has begun using Parker Drilling Co.'s Rig 259 to drill in northwestern Kazakhstan, said Parker.