Presidio Oil Company Announces Successful Completion of A.T.I.C. 26-11 No. 1 Well

Strategic Insights -

Presidio Oil Company, an independent oil and gas company, has successfully completed the A.T.I.C. 26-11 No. 1 well in the North Barnett Field in Conecuh County, Alabama. The well, located in the Smackover formation, has tested at an initial rate of 430 barrels of oil per day and 717 thousand cubic feet of gas per day. This marks the second successful well for Presidio in a series of five prospects identified by a 3-D seismic survey completed in 1994. The company's Chairman and Chief Executive Officer, George P. Giard, Jr., expressed optimism about the potential of these wells.

Key Takeaways:

  • The A.T.I.C. 26-11 No. 1 well, located in the North Barnett Field, has been successfully completed with an initial rate of 430 barrels of oil per day and 717 thousand cubic feet of gas per day.
  • The well encountered 55 feet of net oil pay in the Smackover formation and was drilled to a total depth of 14,245 feet.
  • Presidio Oil Company participated in the well with a 20% working interest, while Nuevo Energy Co. operated the well with a 30% interest, and Ensearch Exploration, Inc. and IP Petroleum Co., Inc. also participated.
  • This marks the second successful well for Presidio in a series of five prospects identified by a 3-D seismic survey completed in 1994.
  • The first prospect, the A.T.I.C. 31-13 No. 1, recently tested at a rate of 764 barrels of oil per day.
  • Presidio Oil Company is engaged in onshore oil and gas exploration, development, and production in the continental United States with its securities traded on the American Stock Exchange.

Statistics:

  • The A.T.I.C. 26-11 No. 1 well tested at an initial rate of 430 barrels of oil per day and 717 thousand cubic feet of gas per day on a 15/64 inch choke.
  • The flowing tubing pressure of the well was 1,374 pounds per square inch.
  • The total depth of the well was 14,245 feet, encountering 55 feet of net oil pay in the Smackover formation.
  • Presidio Oil Company has a 20% working interest in the well.

Sources:

  • Business Wire, "Presidio Oil Company Announces Successful Completion of A.T.I.C. 26-11 No. 1 Well", January 5, 1995.