Belco Oil & Gas announces two Louisiana discoveries -- completes world's deepest horizontal well.NEW YORK--(BUSINESS WIRE)--Aug. 27, 1996--Belco Oil & Gas Corp. (NYSE NYSE See: New York Stock Exchange : BOG) today announced the results of the Turner, ET AL 21 No.1 well drilled in St. Landry Parish, Louisiana St. Landry Parish (French: Paroisse de Saint-Landry) is a parish located in the U.S. state of Louisiana. The parish seat is Opelousas. In 2000, the population of the parish was 87,700. As of 2006, the population estimate is 91,528. . Robert A. Belfer, chairman and chief executive officer stated that the well was drilled to a vertical depth of almost 17,000 feet and drilled horizontally for 3,850 feet in the Austin Chalk formation. On initial completion tests, the well flowed at the rate of 4,800 barrels of oil per day and six million cubic feet of gas per day at a flowing tubing pressure of 6,800 pounds per square inch Noun 1. pounds per square inch - a unit of pressure psi pressure unit - a unit measuring force per unit area on a twenty/sixty-fourth inch choke with no water production. Belco has a 100 percent working interest in this well until payout and a 77 1/2 percent working interest thereafter. The company holds oil and gas leases covering approximately 38,480 gross and 29,060 net acres on this prospect. In a second discovery located in Avoyelles Parish, Louisiana Avoyelles (French: Paroisse des Avoyelles) is a parish located in the U.S. state of Louisiana. The parish seat is Marksville. In 2000, its population was 41,481. The parish is named for the Avoyel Indian tribe. , 13.5 miles from the first well, Belco re-entered the Roy O. Martin 'A' No.1 well, a previously drilled Tuscaloosa test, and drilled a 3,900 foot horizontal lateral in the Austin Chalk formation at a vertical depth of 15,333. On initial completion tests, the well flowed at a rate of 2,500 barrels of oil per day and 2.7 million cubic feet of gas per day at a flowing tubing pressure of 1000 pounds per square inch on a one-half inch choke with no formation water produced. Belco has a 100 percent working interest in this well until payout and a 75 percent working interest thereafter. The company has interests in oil and gas leases or options covering approximately 42,310 gross and 34,880 net acres in this prospect . In both instances, the company anticipates the early commencement of production and is planning offset drilling in the near future. Robert A. Belfer said "It is gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that both of Belco's initial exploratory wells in Louisiana have met with success. These prospects were drilled along a trend in which the company has acquired control of over 250,000 net acres, a position which holds the potential for substantial growth in the company's production and reserves." Laurence D. Belfer, executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "We are particularly pleased and proud that our experienced geological and engineering staff was able to drill and complete, on a cost efficient basis, what we believe to be the world's deepest horizontal well, the Turner, ET AL 21 No.1." Belco Oil & Gas corp., headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is an independent energy company engaged in the exploration, development and production of natural gas and oil. CONTACT: Belco Oil & Gas Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Laurence D. Belfer, Exec. VP & COO 212/644-0561 or Myra E. Turoff, Investor Relations 212/508-9539 |
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