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Exelon Corporation Message Board

balegoba1966 1 post  |  Last Activity: Jan 6, 2015 12:17 PM Member since: Nov 15, 2005
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  • balegoba1966 by balegoba1966 Jan 6, 2015 12:17 PM Flag

    Item 8.01. Other Events.
    Freeport-McMoRan Inc. (FCX) issued a press release dated December 24, 2014, announcing a successful production test from McMoRan Oil &
    Gas LLC's (McMoRan) Highlander discovery located onshore in South Louisiana in the Inboard Lower Tertiary/Cretaceous trend. FCX stated that
    the production test, which was performed in the Cretaceous/Tuscaloosa section, indicated a flow rate of approximately 43.5 million cubic feet of
    natural gas per day (MMcf/d), approximately 21 MMcf/d net to McMoRan, on a 22/64th choke with flowing tubing pressure of 11,880 pounds per
    square inch. FCX also stated that McMoRan and its partners expect to begin production in 2015 using facilities in the immediate area.
    As previously reported by FCX, the Highlander discovery well was drilled to a total depth of approximately
    29,400 feet in first-quarter 2014, and wireline log and core data obtained from the Wilcox and Cretaceous sand
    packages indicated favorable reservoir characteristics with approximately 150 feet of net pay. FCX further noted that McMoRan has identified
    multiple prospects in the Highlander area where it controls rights to more than 60,000 gross acres.
    The press release notes that McMoRan is operator of the Highlander well and holds an approximate 49 percent net revenue interest. Gulf Coast
    Ultra Deep Royalty Trust (the Royalty Trust) holds a 3.6 percent overriding royalty interest in the Highlander subject interest.

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