Bellwether Exploration Announces Horizontal Well Results in Ecuador; Tiguino Field No. 1 Well Producing 2,000 Bopd Gross.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Oct. 5, 2000 Bellwether Bellwether A leading indicator of trends. Notes: A bellwether stock is a stock that is used to gauge the performance of the market in general. General Motors was an example of a bellwether stock, hence the saying "What's good for GM is good for America. Exploration Company (Nasdaq:BELW) announces today that the Tiguino Field No.1 Well, located in the Oriente Basin of Ecuador, was recently drilled horizontally and successfully completed in the Napo "T" Sand. The Bellwether operated well is now producing 18 degree API gravity The American Petroleum Institute gravity, or API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. oil at a gross rate of approximately 2,000 barrels of oil per day ("Bopd"). The Company assumed operations of the field in March of 2000 with a gross base production rate of 1,200 Bopd. Operational improvements initiated by the Company and the addition of the No. 1 Well have increased the gross daily production rate of the field by 225% to 3,900 Bopd, 920 Bopd net. Bellwether has an average 48% net revenue interest in all incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. barrels over the pre-existing baseline production rate of 2,000 Bopd. In 2001 the Company is forecasting to drill two to four horizontal wells and conduct a 100 square kilometer kilometer one thousand (103) meters; 3280.83 feet; five-eighths of a mile; abbreviated km. 3-D seismic survey. In addition to the Tiguino Field, Bellwether operates the Charapa Field, which is also located in the Oriente Basin of Ecuador. Operational enhancements have increased the field's gross daily production rate by 275% from 160 Bopd to 600 Bopd, 205 Bopd net. Bellwether has an average 51% net revenue interest in all incremental barrels over the pre-existing baseline production rate of 200 Bopd. In 2001 the Company plans to drill two horizontal wells to the Hollin Formation. Bellwether Exploration Company is an independent oil and gas exploration and production company headquartered in Houston, with oil and gas properties located in three core areas: 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 , both onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. and offshore, Southeast New Mexico/West Texas and Ecuador. This news release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurances that forecasted results will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are referenced in the Company's annual report and 10-K for year-end 1999 and current reports and registration statements filed with the Securities and Exchange Commission. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion