EQUITABLE RESOURCES ANNOUNCES TWO DISCOVERIES
EQUITABLE RESOURCES ANNOUNCES TWO DISCOVERIES PITTSBURGH, Feb. 26 /PRNewswire/ -- Equitable Resources, Inc.
(NYSE: EQT) has reported two recent discoveries in the Rocky Mountain region, it was announced today.
In its ongoing exploration of the eastern Williston Basin, the company recently completed its latest oil discovery from the Sherwood zone of the Mission Canyon formation. Located in Ward County, N.D., the Dyke No. 32-22 well flowed 130 BOPD and 7 BWPD from a 14 foot interval at a depth of 7,000 to 7,014 feet. Porosities in the pay section average 10 percent with permeabilities in the 1 to 5 millidarcy range. The nearest Sherwood production is at Wabek Field, located 8 miles to the southwest, where the ultimate recovery is estimated at 5 to 6 million barrels of oil. A preliminary evaluation of the discovery suggests that up to 7 offset wells may be possible on 160 acre spacing. Based on analogy to nearby production, average per well reserves are estimated to be in the range of 200,000 to 250,000 barrels of oil. The company operates the property through its Balcron Oil division, which holds an approximate 35 percent working interest in the prospect. Balcron has also completed the first commercially successful gas discovery at Sixshooter Dome, a prospect area located 50 miles west of Billings in Sweetgrass County, Mont. The discovery well, the Stimson No. 14-13, encountered 35 feet of pay in the Lakota formation between 3,806 and 3,852 feet. This zone was drill stem tested at a rate of 600 MCF per day natural, but has not been fracture stimulated. Shallower gas pays were also encountered in the Claggett, Eagle, and Telegraph Creek formation. As soon as additional compression is added to the company's gathering system, these wells will be fracture stimulated, and substantially higher production rates of up to 1,500 Mcf per well per day are expected. Based on initial test results of these wells, the company expects to add at least 3.0 Bcf in reserves. To date, one successful Lakota offset has been drilled and a second offset is drilling. One or two additional Lakota wells may be possible on 640 acre spacing and as many as 14 shallower wells may be possible. Production is sold under a long-term contract. The company has a 100 percent working interest in this prospect and holds approximately 9,000 net acres in the prospect area. Equitable Resources is a diversified energy resource and utility company. Through its Energy Resources segment, it is involved in natural gas and oil exploration, development and production, principally in the Appalachian and Rocky Mountain regions and offshore Gulf of Mexico. -0- 2/26/92 /CONTACT: Brian Plante of Equitable Resources, 412-553-5911/ (EQT) CO: Equitable Resources ST: Pennsylvania IN: OIL SU:
CD -- PG005 -- 2850 02/26/92 13:40 EST
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|Date:||Feb 26, 1992|
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