West Delta Well Damage Repaired; Recompletion At West Delta.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Aug. 29, 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 that one of its wells in West Delta sustained damage by an unknown third party on August 28, 2000. The well flowed oil, water and gas into 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 until it was controlled and shut-in at noon on August 29, 2000. This well most recently tested at 35 Bopd and 450 Bwpd on a 42/64 choke with 180 psig FTP. PANACO initiated its Spill Response Plan and dispatched the necessary equipment to contain the spill. Containment and clean up has been completed as directed by environmental agencies and the U.S. Coast Guard. Actual damage to the wellhead was minimal and all costs above the $10,000 deductible are covered by PANACO's insurance company. The other wells in the West Delta field were unaffected by the clean up operation and continued to produce without curtailment. On a more positive note, PANACO announced that Samedan, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Noble Drilling (NL), has recompleted the previously shut-in West Delta No. C-4 well which was drilled by EDC EDC See: Export Development Corp. in 1994. The well is currently flowing over 13,000 Mcfpd and 1,200 Bopd. PANACO has a 15% ORRI in this well. At current rates and prices this will net PANACO approximately $400,000 per month. PANACO Inc. is an independent oil and gas exploration and production Company focused primarily on the Gulf of Mexico 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 advanced directional 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 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. No assurances can be given that actual results will not differ materially from those contained in such forward-looking statements. |
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