Westside Energy Provides Drilling and Completion Activities Update
January 16 2007 - 8:30AM
PR Newswire (US)
DALLAS, Jan. 16 /PRNewswire-FirstCall/ -- Westside Energy
Corporation (AMEX:WHT), an oil and gas company with operations
focused on the acquisition, exploration and development of natural
gas in the Barnett Shale play in North Texas, today reported that
the Primula #1H well (WHT 50% WI), the Company's first horizontal
Hill County well, has reached its target depth objective. The
Company has successfully set casing and expects to fracture-
stimulate the well and initiate production within the next 30 days.
After numerous drilling delays due to rig breakdowns, the first rig
was released and replaced. The replacement rig successfully drilled
the remainder of the Primula #1H well and is currently on location
to drill the Ellison #1H horizontal well (WHT 50% WI) in Hill
County. While Westside will be the named operator for this well,
Westside has an agreement with its industry partner to utilize
their significant in-house drilling expertise to replace the
contract drilling firms previously used. Westside also announced
that the Fortenberry #2H horizontal well (WHT 37.5% WI) in Wise
County reached its target depth and was cased. Completion and first
production are expected within the next 90 days. Drilling and
production data from this horizontal well will aid the Company in
evaluating the potential application of horizontal technology to
future development of its North Program area acreage. Three
vertical wells, which were previously drilled and cased in the
North Program area, will be completed once the delayed construction
of a third-party gas pipeline is finished. The Company has been
advised that pipeline construction to connect these wells will be
completed in the first quarter of 2007. The wells will be
fracture-stimulated, completed and placed on production once the
pipeline is in place. Westside's 2007 budget is currently being
finalized. The Company will focus its 2007 drilling program on
horizontal Hill County wells to evaluate and develop joint
exploration agreement acreage. The Company will release additional
information on its operations as initial production data on the
Primula #1H and Fortenberry #2H wells becomes available. The 2007
capital expenditures budget will be announced once the Board of
Directors has completed its review and approval process. Management
Comment Douglas G. Manner, Westside's Chief Executive Officer said,
"We are pleased to have completed the drilling phase of operations
on the Primula and Fortenberry horizontal wells and look forward to
their successful completion. We encountered numerous delays in the
drilling of these wells, and we have taken steps to improve future
drilling performance. Delays in pipeline construction, which are
outside the direct control of Company management, have also
negatively impacted production volumes as a result of delayed new
well hook-ups and curtailment of production from currently
producing wells. Construction of this pipeline is now progressing,
and we expect to place all of these wells in our North Program area
on full production during the first quarter of 2007." About
Westside Energy Corporation Houston-based Westside Energy is an oil
and gas company focused on exploiting its significant acreage
position in the prolific Barnett Shale trend in North Texas. For
more information about Westside Energy, please visit the Company's
website http://www.westsideenergy.com/. Forward-Looking Statements
Certain statements in this news release regarding future
expectations, plans for acquisitions and dispositions, oil and gas
reserves, exploration, development, production and pricing may be
regarded as "forward-looking statements" within the meaning of the
Securities Litigation Reform Act. They are subject to various
risks, such as operating hazards, drilling risks, the inherent
uncertainties in interpreting engineering data relating to
underground accumulations of oil and gas, as well as other risks
discussed in detail in the Company's periodic reports and other
documents filed with the SEC. Actual results may vary materially.
DATASOURCE: Westside Energy Corporation CONTACT: Sean J. Austin,
Vice President and CFO of Westside Energy Corporation,
+1-214-522-8990, ext. 1117 Web site: http://www.westsideenergy.com/
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