"On July 30, 2013, we spud our South Timbalier 17 prospect in state of Louisiana waters, and on August 22, 2013, we announced a successful well at a total measured depth of 11,400 feet. We completed the well, installed production facilities and commenced production in July 2014. Net costs incurred to drill, complete and bring this well to full production status were $13.5 million as of June 30, 2014. We have a 75% working interest (53.3% net revenue interest) before payout and a 59.3% working interest (42.1% net revenue interest) after payout"
August 13, 2013 Press Release
"Contango Oil & Gas Co. announced in a press release an exploration discovery at its South Timbalier 17 prospect, located in State of Louisiana waters and operated by Contango Operators Inc., a wholly owned subsidiary of the company.
The well was drilled to a total measured depth of approximately 3,475 m (11,400 ft), and the wireline logs of the well indicated the presence of hydrocarbons, the company said. "Estimated reserves and production rates will be dependent upon the liquids content of the formation, which will be better defined once the company completes and tests the well. " Contango is proceeding with development, including securing production facilities. Estimated costs net to Contango to drill, complete, and bring the well to full production status are US $12.5 million.
Contango has a 75% working interest (53.25% net revenue interest) before payout of all costs, and a 59.3% working interest (42.1% net revenue interest) after payout, according to the press release
On the Highlander Sonris Report; I found this.
WORK PERMIT TYPE
WORK PERMIT STATUS
WORK PERMIT STATUS_DATE
DOCUMENTATION RECEIPT DATE
L #1059-14 08/05/2014 08/06/2015 PERFORATE APPROVED 08/06/2014 29390 N TUSCALOOSA PERF 28480-28635', 28730-28808', 29044-29052';
Looks like you will see some action since a Work Permit was approved
Looks like they found three zones (formations) to perforate.
Best of Luck.
The Serial #245356 is the McMoran Highlander Well.
Last Updated on Louisiana Sonris:
04/15/2014 06 29390 PREP TO MOL FOR COFFER DAM INSTALLATION; COMPLETING WITH SAME RIG
Nothing since April 15.
McMoran drilled many deep Wells but nothing:
I usually check on the Highlander Well Weekly.
YAHOO has been Deleting my postings on many Message Board.
Simple answer is Contango has not determined EUR on this Well as of now.
1. The 100% Working Interest Wells in Texas are doing grest; so far Snake Eyes is the surprise since it was put on pump.
2. The Bakken Wells are in the top 5% of all Bakken Wells drilled. Except for the Brand New Wells; The Wells have paid back all the CAP EX spent and return more Cash Flow.
3. If Abraxas is true to form we will get an update on:
a. Ribeye Wells #1H & #2H Production results
b. Status of Dutch #3H & #4H which should be drilled by now and awaiting Completion.
c. Drilling Status of the Three Stenehjem Wells; One Well should be completed drilling and Horizontal Lateral needed to be drilled on the other two Wells.
d. Status on Cats Eye Well if drilling started.
e. If Lease Acquisitions are completed.
The Older Jore #3 Well has been Shut In; Pressure usually builds Up and in the first month that it is reopen, production will be higher.
I previously posted Four New Jore Wells will be drilled once the Stenehjem Wells are done drilling.
Abraxas seems to have very Good to excellent producing Leases.
Message #8291 on Investor Village; AXAS Message Board
I will do a better format when I get back from Lunch with my daughter.
1. The Dutch #1 & #2 Production are combined.
2. Snake Eyes Well is still running Very striiiong.
3. The rest of the Bakken Wells July production is Updated; will post when I get Back.
Message #8289 on Investor Village; "AXAS" Message Board.
Month...................Barrels of Oil...........MCF of Natural Gas
Natural Gas Production has not been Updated as of now.
Message #8288 on Investor Village; "AXAS" Message Board.
I will Update July Production when the Texas RRC Updates.
Message #124 on Investor Village; "MCF" Message Board.
Nothing has been Up dated for July' Texas RRC Production.
The delay could be that June's data on New Wells has now been transfer from "Pending" to Oil & Gas Leases category. The RRC usually takes times to Updated Production when transfers are made.
Also watching the North Dakota Web Site for Production Updates; but nothing yet.
I suggest you look at the quarterly P &Ls and the Quarterly Balance Sheets.
Note the Trend Revenues are falling while Debt and Accounts Payable are growing.
You pick a lousy comparison to try to make USEG look bad.
You are like Margin; you both do little or No Due Diligence and waste investor's time reading both your garbage postings.
ED ( back to drinking my warm Diet Dr. Pepper)
USEG can become another NOG by borrowing $700 Million.
Is that what you want?
Non Operators need a fixed amount of employees despite higher Revenues from Non Operating Wells.