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PARALLEL PETROLEUM REPORTS 9TH CONSECUTIVE GAS DISCOVERY IN WHARTON COUNTY, TEXAS DOWNDIP EXPANDED YEGUA TREND

MIDLAND, Texas, March 11 /PRNewswire/ -- Parallel Petroleum Corporation (Nasdaq: PLLL) today announced the completion of a major discovery well in the Downdip Expanded Yegua trend, the Cox & Perkins Johnnie Mae G.U. No. 1, located in Wharton County, Texas, approximately 60 miles southwest of Houston. It is the ninth consecutive Yegua discovery well drilled in the last 12 months.

The well flowed 2.1 million cubic feet (mmcf) of natural gas and 293 barrels of condensate per day (bcpd) on a 10/64-inch choke with flowing tubing pressure of 6,167 pounds per square inch (psi) and final shut-in pressure of 6,452 psi. Test production was from selective perforations at 9,568 to 9,653 feet.

The Johnnie Mae G.U. No. 1, scheduled to come on line later this month, is expected to produce commercially at significantly higher rates than it tested. Stabilized production flow is expected to be 5 to 6 mmcfpd of gas and 600 to 720 bcpd.

Parallel Petroleum owns a 20 percent working interest (16 percent net revenue interest) in the well. Privately held Cox & Perkins Exploration, Inc., Houston, is operator of the project and owns a 40 percent working interest. Other working interest owners are DDD Energy, Inc., a wholly owned subsidiary of Seitel, Inc. (NYSE: SEI), 20 percent; Tenneco Ventures, 10 percent, with individuals owning the remaining 10 percent.

Based on advanced 3-D seismic surveys covering approximately 96,000 acres in Jackson and Wharton Counties onshore the Texas Gulf Coast, Parallel has participated in 24 discovery wells out of 30 drilled over the last 12 months. The Company currently has 10 wells producing from Yegua sands and 14 from the Frio formation. Aggregate gross production from the 23 wells is approximately 45 million cubic feet of gas and 1,900 barrels of condensate per day. Production net to Parallel is approximately 6.7 million cubic feet of gas and 325 barrels of condensate per day.

Larry C. Oldham, President of Parallel, said that drilling has commenced on another Yegua prospect, another one is scheduled to spud during the next month, and additional Yegua leads--both exploration wells and development offsets -- are likely to be drilled later this year. Mr. Oldham also said that up to 12 additional wells in the Frio formation are expected to be drilled during the balance of 1996.
 -0- 3/11/96


/CONTACT: Larry C. Oldham, President, 915-684-3727, or Thomas R. Cambridge, Chairman of the Board, 806-358-7744, both of Parallel Petroleum Corporation, or INTERNET: http://www.marshill.com/parallel; or Larry Howell of Howell Communications, Inc., 214-340-9994/

(PLLL SEI)

CO: Parallel Petroleum Corporation ST: Texas IN: OIL SU: DSC

PL -- NYM035 -- 0646 03/11/96 09:23 EST
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Publication:PR Newswire
Date:Mar 11, 1996
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