[1] New PANACO Inc. Well Producing 6,000 MCFPD.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 17, 2000 PANACO Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PANA PANA Protocol for Carrying Authentication for Network Access PANA Pan-African News Agency PANA Pennsylvania Advocates for Nutrition and Activity PANA Pacific and Asian North America PANA Poly Anthranilic Acid ) announced today initial production on its new D.T. Sturlese Estate Well No. 3 located in the Price Lake Field (the Stallion Prospect). The well was placed on production April 5th on a 12/64ths adjustable choke with a flowing tubing pressure of 8,700 psi and is currently producing 6,000 Mcf per day with 181 Bbls. of condensate per day. The well is completed in the MA-24 Sand. Based on shut-in bottom hole reservoir pressure data obtained from this well and our D.T. Sturlese Estate Well No. 1, it appears that the wells are not in communication even though they are both completed in the same sand (MA-24). PANACO and its partners have decided to further study the No. 1 well prior to recompletion. The combined production from both wells at this time is between 9,000-10,000 Mcfpd with the No. 3 well currently on a restricted choke. PANACO Inc. is the operator of the new well with a 51% working interest. Partners in the well include St. Mary Land and Exploration Company with a 25% working interest, Carson Energy Inc. with 18%, and the remaining 6% is owned by private investors. Larry Wright Larry Wright may refer to:
PANACO Inc. is an independent oil and gas exploration and production Company focused primarily on the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and the Gulf Coast Region. The Company acquires producing properties with a view toward further exploitation and development, capitalizing on state-of-the-art 3-D seismic and horizontal drilling technology to recover reserves that were bypassed or previously overlooked. Emphasis is also placed on pipeline and other infrastructure to provide transportation, processing and tieback tie·back n. 1. A decorative loop of fabric, cord, or metal for parting and draping a curtain to the side. 2. tiebacks A pair of curtains intended to be tied back. Noun 1. services to neighboring operators. Forward-looking statements in this press release are intended to be subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including drilling risks, uncertainties in estimating reserves, risks inherent in oil and gas operations and others set forth in greater detail in the PANACO Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . No assurances can be given that actual results will not differ materially from those contained in such forward-looking statements. |
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