Ignis Petroleum Group Commences Drilling Operations in Sherburne Field Development Well Prospect

Strategic Insights -

The Ignis Petroleum Group, a Dallas-based oil and gas production company, announced the commencement of drilling operations in their Sherburne Field development well prospect. The well, located in Point Coupee Parish, Louisiana, has a target depth of 9,800 feet and is expected to take approximately one month to complete. The prospect is a gas play up dip to two Texaco wells that produced over 15 billion cubic feet of natural gas and 450,000 barrels of condensate in the 1960s. Ignis has a 15% before payout working interest in the well.

Key Takeaways:

  • Ignis Petroleum Group has commenced drilling operations in their Sherburne Field development well prospect, with a target depth of 9,800 feet and an expected completion time of approximately one month.
  • The prospect is a gas play up dip to two Texaco wells that produced over 15 billion cubic feet of natural gas and 450,000 barrels of condensate in the 1960s.
  • Ignis has a 15% before payout working interest in the well, and will provide more information as the project progresses.
  • The Company is attending the Summer NAPE 2006 convention in Houston to identify, evaluate and participate in high potential development drilling projects.
  • Ignis focuses on prospects that result from new lease opportunities, new technology and new information, and is building a diversified energy portfolio.
  • The Company has a management team with strategic industry partnerships, and is focused on exploration, acquisition and development of crude oil and natural gas reserves in the United States.

Statistics:

  • 9,800 feet: Target depth of the Sherburne Field development well prospect.
  • 15 billion cubic feet: Natural gas production from the two Texaco wells in the 1960s.
  • 450,000 barrels: Condensate production from the two Texaco wells in the 1960s.
  • 120 Bcf: Total natural gas production from the Sherburne Field.
  • 2.5 million barrels: Total oil production from the Sherburne Field.
  • 15%: Ignis' working interest in the Sherburne Field development well prospect before payout.

Sources:

  • "Ignis Petroleum Group, Inc. (OTCBB:IGPG), today announced that its partner and operator, Rodessa Operating Company, commenced drilling operations in their Sherburne Field development well prospect." - Business Wire, August 8, 2006.
  • "We are pleased to announce that our Sherburne well, located in Point Coupee Parish, Louisiana, which has a target depth of 9,800 feet, should take approximately one month to complete drilling operations," said Michael P. Piazza, President and Chief Executive Officer. - Business Wire, August 8, 2006.
  • "The prospect is a gas play up dip to two Texaco wells that were recompleted in the 1960's to shallower zones after producing more than 15 billion cubic feet of natural gas and 450,000 barrels of condensate," he continued. - Business Wire, August 8, 2006.