Vintage Petroleum Announces Sixth Successful Horizontal Well in Yemen
November 21 2005 - 12:05PM
Business Wire
Vintage Petroleum, Inc. (NYSE:VPI) announced today that the An
Nagyah #18 well in the Republic of Yemen has tested light (43
degree API) oil from the sub-salt Upper Lam "B" formation. The well
is the sixth horizontal well drilled in the company's An Nagyah
field. The An Nagyah #18 well was drilled horizontally to a total
measured depth of 6,628 feet (2,020 meters) and was completed in
2,559 feet (780 meters) of gross oil bearing Lam "B" section. The
interval was tested at a stabilized rate of 1,300 barrels per day
of oil with less than one percent water cut, 838 thousand cubic
feet per day of natural gas flowing at 220 pounds per square inch
tubing pressure on a 48/64 inch choke. The Lam "B" reservoir is
located approximately 140 feet (43 meters) below the currently
producing Lam "A" formation in the An Nagyah field. The An Nagyah
#18 is the first commercial producing well in the Lam "B." Drilling
of additional Lam "B" wells may be necessary to completely develop
the reservoir. With testing completed at the An Nagyah #18 well,
the drilling rig is moving approximately 14 miles (22 km) to the
northwest to drill the Hatat #1 prospect. This 6,560 foot (2,000
meters) exploration well will test a potentially fractured,
granitic basement play. Current daily production from the Block S-1
concession is approximately 11,300 gross barrels of oil per day
(5,900 barrels net) and should exceed 12,000 gross barrels of oil
(6,250 barrels net) by year-end 2005. 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,
Okla., 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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