Vintage Petroleum Announces Fourth Successful Horizontal Well in Yemen
August 25 2005 - 8:48AM
Business Wire
Vintage Petroleum, Inc. (NYSE:VPI) announced today that the An
Nagyah #16 well in the Republic of Yemen has tested light (43
degree API) oil from the sub-salt Upper Lam formation. The well is
the fourth horizontal well drilled in the company's An Nagyah
field. The An Nagyah #16 well was drilled horizontally to a total
measured depth of 6,284 feet (2,080 meters) penetrating 2,392 feet
(729 meters) of gross oil bearing Lam section. The interval was
tested at a stabilized rate of 2,520 barrels per day of oil, 1.2
million cubic feet per day of natural gas and eight barrels of
water per day flowing at 360 pounds per square inch tubing pressure
on a 52/64 inch choke. Two to three additional horizontal
development wells are planned to be drilled during the remainder of
2005. With testing completed at the An Nagyah #16 well, the
drilling rig is moving approximately two miles to the An Nagyah #17
location to drill and test a potential northwest extension of the
Lam reservoir. 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. Completion of the pipeline and subsequent cessation of
oil trucking operations in early July have reduced operating
expenses by approximately $2.00 per net barrel of oil. The pipeline
is currently transporting approximately 9,000 gross barrels of oil
per day (4,700 net). Daily production is expected to increase to a
level in excess of 10,000 gross barrels of oil (5,200 barrels net)
by the end of the month. 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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