Buoyed by Impact of New Fields, TTG Announces Third Quarter Production Increase of 34%.HOUSTON--(BUSINESS WIRE)--Nov. 3, 1998--In response to market questions, TransTexas Gas Corporation (NYSE NYSE See: New York Stock Exchange :TTG tTG Tissue Transglutaminase TTG Telltale Games (website) TTG TiVo To Go TTG Time-To-Go TTG Tonalite-Trondhjemite-Granodiorite TTG Tea Tree Gully (South Australia) TTG Tom Tom Go ) today said that its net production in the third quarter ended Oct. 31, 1998, hit 12.8 billion cubic feet of natural gas equivalent (Bcfe) -- an increase of 34% over the previous quarter, ended July July: see month. 31, 1998, and 19% higher than the prior-year period. Contributing to the increase are a new natural gas and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. field in Wharton County, Texas Wharton County is a county located in the U.S. state of Texas. In 2000, its population was 41,188. Its county seat is Wharton6. Geography According to the U.S. Census Bureau, the county has a total area of 2,835 km² (1,094 mi²). , which came on line in October, and higher sustained flows from its Eagle Bay field offshore Galveston Bay Noun 1. Galveston Bay - an arm of the Gulf of Mexico in Texas to the south of Houston Lone-Star State, Texas, TX - the second largest state; located in southwestern United States on the Gulf of Mexico . The Wharton County well, the Obenhaus No. 2, is producing from the Middle Wilcox formation at a rate of 7.1 million cubic feet of natural gas per day (MMcfd) and 270 barrels of condensate per day (Bcpd) on a 22/64-inch choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. with flowing tubing pressure of 4,180 p.s.i p.s.i., n pounds per square inch (lb/in2); measurement describing the amount of pneumatic or hydraulic pressure in tanks and equipment used in pressurized dental procedures. . At TransTexas' Eagle Bay field, the Company has established higher third-party pipeline operating pressures, and can now maintain sustained gross production of approximately 58 MMcfd and 9,500 barrels of condensate per day from this field, or approximately 65 MMcfed of net daily natural gas and equivalent production. Obenhaus Well Establishes New Wharton County Field TransTexas said that it believed the Obenhaus well established the discovery of a new field, to be named Bonus S.W. (Wilcox). The well was perforated per·fo·ra·ted adj. Pierced with one or more holes. in two zones between 10,338 to 10,558 feet and 11,514 to 11,640 feet. Just 6 miles south-southeast of the Obenhaus No. 2, in the Jones Creek N. (Wilcox) field, TransTexas is also producing from the Noska No. 1 well, at a rate of 4.2 MMcfd and 290 Bcpd. Both wells were drilled based upon 3-D seismic data generated by TransTexas. The Company noted that it controls approximately 60,000 gross acres of deep mineral rights in Wharton and adjacent counties, including acreage that it intends to develop for the newly discovered fields. TTG intends to drill two identified offsetting wells as soon as possible. Eagle Bay Field Development Continues In the Eagle Bay field, the Company said that a fourth well, State Tract 330 No. 1, is currently drilling below 14,100 feet depth in a new fault block. If successful, this well is anticipated to add to Eagle Bay proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. , which were estimated at 258 Bcfe as of May 1, 1998, net to TransTexas. Two other drilling locations have also been permitted, which the Company plans to drill subsequently. A 3-D seismic shoot over the area has been completed, with interpretation underway, indicating additional well locations. The Company expects this 3-D seismic interpretation will help determine the areal extent of the field. The Eagle Bay field was discovered in late 1997 and the first three wells drilled and tested in the first half of 1998. TransTexas owns a 75% working interest and 56.75% net revenue interest in the field. TransTexas Gas is engaged in the exploration, production and transmission of natural gas and oil, primarily in South Texas, including the Eagle Bay field in Galveston Bay. For further information on the Company, please visit our web site at http://www.transtexasgas.com/ Except for the historical information contained herein, the matters set forth in this news release may contain 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. that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include such factors as fluctuations in natural gas and crude oil pricing over which the Company has no control, the ultimate success of exploration drilling programs, the competitive nature of the oil and gas exploration, development and production industries and the uncertainties associated with the drilling, completing and operating of natural gas and oil wells. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion