Thursday, September 01, 2011
Saratoga Resources Inc.
Saratoga has successfully completed and commenced production from its Catina and Four Corners wells in Main Pass 46 Field.
The State Lease 20436 #1 Catina well began production on August 29, 2011 with a gross initial production (IP) rate of 1145 barrels of oil per day (bopd) and 606 thousand cubic feet of gas per day (MCFPD), or 1246 barrels of oil equivalent per day (boepd), through a 12/64 inch choke with flowing tubing pressure (FTP) of 2650 psi. Current gross production rates are 656 bopd and 498 MCFPD (gross 739 boepd, net 576 boepd), on a 12/64 inch choke with 2900 psi FTP. Saratoga expects production to exceed pre-drill stabilized estimates of net 470 boepd with 88% oil versus gas. Saratoga has laid new flowlines to connect the well to the Company's Main Pass 46 facility.
Saratoga also completed the 6100' Sand in the State Lease 20034 #1 Four Corners well, which began production on August 16, 2011 with a gross IP rate of 1.7 million cubic feet of gas per day (MMCFPD), or 283 boepd, with no fluid through a 10/64 inch choke with 2250 psi FTP. The well tested on August 25, 2011 at gross 1.864 MMCFPD (gross 311 boepd, net 235 boepd) on a 12/64 inch choke with 2400 psi FTP.
Saratoga's President, Andy Clifford, said, "We are excited to have such an excellent start to our renewed development drilling program with the Catina and Four Corners wells meeting expectations." Mr. Clifford added, "We are also excited by the addition of Butch Scelfo to our team as Manager of Drilling and Well Operations. Butch has over 30 years experience in the oil and gas industry with various independent operators, including Maxus, Meridian, Stone and PXP. He has significant experience drilling in Louisiana state waters. This is an exciting phase of development growth for the Company and we are glad to have Butch on board."
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