Vintage Petroleum Announces Fifth Successful Horizontal Well in Yemen and Return to Production of Hurricane Affected Volumes
October 11 2005 - 11:19AM
Business Wire
Vintage Petroleum, Inc. (NYSE:VPI) announced today that the An
Nagyah #17 well in the Republic of Yemen has tested light (43
degree API) oil from the sub-salt Upper Lam formation. The well is
the fifth horizontal well drilled in the company's An Nagyah field.
The An Nagyah #17 well was drilled horizontally to a total measured
depth of 6,779 feet (2,066 meters) and was completed in 1,887 feet
(575 meters) of gross oil bearing Lam section. The interval was
tested at a stabilized, water free rate of 3,250 barrels per day of
oil, 1.8 million cubic feet per day of natural gas flowing at 480
pounds per square inch tubing pressure on a 48/64 inch choke. Two
additional wells are planned to be drilled during the remainder of
2005. With testing completed at the An Nagyah #17 well, the
drilling rig is moving approximately two miles to the An Nagyah #18
location to drill a horizontal Lower Lam development well. All of
the An Nagyah field production is being transported via a recently
completed 18 mile (28 km) pipeline to a nearby facility for
processing and transportation to an export terminal. The pipeline
is currently transporting approximately 10,200 gross barrels of oil
per day (5,325 net). Daily production from the concession is
expected to increase to 11,000 to 12,000 gross barrels of oil
(5,750 to 6,250 barrels net) by the end of the month. Progress
continues towards returning to production volumes that were shut-in
as a result of Hurricanes Katrina and Rita. The company expects
that all but approximately 1,100 barrels of oil equivalent per day,
or one and one-half percent of the net daily volume produced in the
second quarter, will be returned to production by the end of
October. Forward-Looking Statements This release includes certain
statements that may be deemed to be "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements in this release, other than statements of
historical facts, that address plans, future production,
strategies, exploration drilling, exploitation activities,
estimates of oil and gas reserves, and events or developments that
the company expects or believes are forward-looking statements.
Although Vintage believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include oil and gas prices, exploitation and exploration successes,
actions taken and to be taken by foreign governments as a result of
political and economic conditions or other factors, changes in
foreign exchange rates and inflation rates, continued availability
of capital and financing, and general economic, market or business
conditions, as well as other risk factors described from time to
time in the company's filings with the SEC. The company assumes no
obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Vintage Petroleum, Inc. is an independent energy company engaged in
the acquisition, exploitation and exploration of oil and gas
properties and the marketing of natural gas and crude oil. Company
headquarters are in Tulsa, Oklahoma, and its common shares are
traded on the New York Stock Exchange under the symbol VPI. For
additional information, visit the company website at
www.vintagepetroleum.com.
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