Forest Oil Corporation Announces Natural Gas Discovery in West Cameron Block 615

Strategic Insights -

Forest Oil Corporation's announcement of a natural gas discovery on West Cameron Block 615, offshore Louisiana, marks a significant milestone for the company. This discovery, made possible by the use of 3D seismic technology, has the potential to contribute significantly to Forest Oil's reserves and production. The discovery well, an expendable hole drilled to a true vertical depth (TVD) of 7,146 feet, encountered 333 net feet of true vertical thickness (TVT) natural gas pay. A side-track well drilled to confirm the discovery encountered 472 TVT net feet of pay.

Key Takeaways:

  • Forest Oil Corporation announced a natural gas discovery on West Cameron Block 615, offshore Louisiana, on December 11, 1995.
  • The discovery well, drilled to a true vertical depth of 7,146 feet, encountered 333 net feet of true vertical thickness natural gas pay.
  • A side-track well confirmed the discovery, encountering 472 net feet of true vertical thickness natural gas pay.
  • The prospect, in 286 feet of water, was developed using 3D seismic technology, acquired at the May 1995 federal offshore lease sale #152.
  • Forest Oil will conduct additional 3D seismic evaluations of the adjoining blocks, West Cameron Blocks 616 and 617, during the first and second quarters of 1996.
  • Forest Oil Corporation is engaged in the exploitation, acquisition, exploration, development, and production of natural gas and crude oil, with principal reserves and producing properties located in the Gulf of Mexico, Texas, and Oklahoma.
  • The company's common and preferred stocks are traded on the Nasdaq National Market System under the FOIL and FOILO symbols, respectively.

Statistics:

  • Depth of the discovery well: 7,146 feet
  • Net feet of natural gas pay in the discovery well: 333
  • Net feet of natural gas pay in the confirming side-track well: 472
  • Water depth of the prospect: 286 feet
  • Acquisition cost of the lease: Not specified
  • Working interest (WI) of Forest Oil in West Cameron Block 615: 50%
  • WI acquired by Santa Fe Energy Resources: 25%
  • Q1 and Q2 1996 timeline for additional 3D seismic evaluations: Not specified
  • Trading symbols for Forest Oil's common and preferred stocks: FOIL and FOILO

Sources:

  • Business Wire, "Forest Oil Corporation Announces Natural Gas Discovery on West Cameron Block 615", December 11, 1995
  • Business Wire provides the original source material.