GARNET REPORTS WELL TESTS IN COLOMBIA
GARNET REPORTS WELL TESTS IN COLOMBIA HOUSTON, Jan. 6 /PRNewswire/ -- Garnet Resources Corporation
(NASDAQ: GARN) today announced the results of pump tests of its Miraflor No. 1 oil well in the Putumayo region of southwestern Colombia.
Garnet said that a commingled test of the "N" and "U" sands pumped 1,751 barrels of oil per day, and a separate test of the "T" sand pumped 808 barrels of oil per day. A subsequent 10 hour commingled test of all three sands pumped at an average daily rate of 2,315 barrels of oil, but the volume on this final test was restricted by surface pumping capacity. Oil gravities of 26.9 degrees to 27.7 degrees API were measured in the "U" and "T" sands, and 14.9 degrees API in the "N" sand. The "N", "U" and "T" sands are in a gross interval between 5,868 feet and 6,698 feet. The Caballos sand, perforated at 6,780 to 6,800 feet, was not included in these tests. As previously reported, production from the Caballos sand, which was swab tested at a rate of 335 barrels of oil per day in October 1991, will be added to the production stream after partial depletion of other zones. The Miraflor No. 1 represents Garnet's fourth consecutive oil field discovery on its 344,000 acre block in Colombia. The company expects to begin production from the first two fields in March 1992. Garnet also reported that the Florida No. 1, an exploration well six miles southeast of the Miraflor No. 1, is presently drilling at 8,000 feet towards a projected total depth of 9,500 feet. Garnet is engaged primarily in international oil and gas exploration activities. Its exploration and production operations in Colombia are conducted through its subsidiary Argosy Energy International. -0- 1/6/92 /CONTACT: Albert E. Whitehead, chairman, 918-587-8093, or George M. Nevers, president, 713-759-1692, both of Garnet Resources/ (GARN) CO: Garnet Resources Corporation ST: Texas IN: OIL SU: FC-OS -- NY003 -- 6738 01/06/92 08:31 EST
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|Date:||Jan 6, 1992|
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