Otis Energy Limited (OTE) is pleased to provide the following update on the second well in the 2012 drilling program at its Catahoula Lake project (20% Working Interest).
SL20846 # 1, the second well of the 2012 drilling program, has resulted in the discovery of approximately eight feet of net oil/gas pay within the Middle Wilcox Sand formation. The well was drilled to a total depth of 4,500 feet (1,676 metres) bounded above and below shale, with production casing and tubing now set in place in preparation for production.
Otis Energy’s Managing Director, Barnaby Egerton-Warburton commented “This is a great result for Otis Energy, not only did we drill a well with considerable oil and gas potential but the gas produced from this well can be used to help power our lake production facilities, greatly reducing costs. This is the second of seven wells to be drilled on Catahoula Lake during 2012 using our jointly owned barge rig. We believe, based on the results of this well that potential additional well locations can be generated to further develop the oil and gas bearing sands seen in this recent successful well”
The infrastructure to flow test and produce this well is now under construction in order to run production to the Company’s existing production facilities.
“This discovery is exciting for the growth of Otis Energy, as we have a clear path forward with the Catahoula Lake project and the near completion of well at two other projects, Comanche and Sombrero. It should be an exciting few weeks ahead for Otis Energy with the flow testing of the second well and spud of the third well at Catahoula Lake and the results of flow testing the Comanche and Sombrero projects all scheduled in the upcoming weeks” stated Mr. Egerton- Warburton.