Printer Friendly

GARNET REPORTS DRILLING RESULTS IN COLOMBIA

 HOUSTON, July 16 /PRNewswire/ -- Garnet Resources Corporation (NASDAQ: GARN) reported today that its latest exploratory well in Colombia, the Miraflor North No. 1, was unsuccessful. The well will be capped for future possible use as a water disposal well for nearby fields. The company said that the well encountered thick reservoir sands, but the three major sands tested fresh water with no oil. The "N" sand, which tested 628 barrels of oil per day in the Miraflor No. 1 well two miles south, contained very low gravity oil in the new well and the company concluded that commercial production could not be achieved.
 Garnet also reported that gross production from its Colombian fields, which exceeded 7,000 barrels of oil per day in early July, has been temporarily reduced to 4,500 barrels of oil per day due to a barge- ferry accident. The company's Mary No. 2 well will be shut in until truck and barge operations can start again in approximately 30 days.
 Garnet said plans are rapidly going to place two new oil fields on production that were declared commercial earlier this month. Pipeline completion and production start-up is expected in 1994.
 Garnet is engaged primarily in international oil and gas exploration activities. Its Colombian operations are conducted through its subsidiary Argosy Energy International.
 -0- 7/16/93
 /CONTACT: Albert E. Whitehead, chairman, 918-587-8093, or George M. Nevers, president, 713-759-1692, both for Garnet Resources/
 (GARN)


CO: Garnet Resources Corporation ST: Texas IN: OIL SU:

SH-PS -- NY028 -- 2483 07/16/93 12:52 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 16, 1993
Words:256
Previous Article:P.C. RICHARD & SONS ANNOUNCES FILING OF AMENDMENT TO A REGISTRATION STATEMENT RELATING TO AN INITIAL PUBLIC OFFERING
Next Article:SAN BERNARDINO COUNTY, CALIF.'S $300 MILLION TAXABLE NOTES 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
GARNET REPORTS WELL TESTS IN COLOMBIA
GARNET REPORTS DRILLING STATUS IN COLOMBIA
GARNET REPORTS DRILLING AND PRODUCTION RESULTS IN COLOMBIA AND PAKISTAN
GARNET REPORTS RESULTS OF COLOMBIA DRILLING AND SULFUR EXPLORATION
GARNET REPORTS COLOMBIAN ACTIVITY
GARNET REPORTS COLOMBIA ACTIVITY
GARNET REPORTS ON COLOMBIAN OPERATIONS, PAPUA NEW GUINEA LICENSE
Garnet Reports On Colombian Drilling Activity
Garnet Reports Colombian Drilling Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters