DALLAS, June 22 /PRNewswire/ -- Gulf Coast Western is pleased to announce the confirmation of significant quantities of oil and natural gas in their Opelousas field in St. Landry Parish, La.
The Dallas-based exploration and production company began drilling in the Opelousas field in March and the well was production tested last month. Extrapolated flow tests were conducted on the initial well by an independent testing firm. The results verify production of approximately 672 barrels of oil per day, and 3,183 cubic feet of gas per day on a 14/64 choke. Independent reservoir studies estimate the Opelousas field's reserve potential is more than 30 million barrels of oil equivalent, with less than 4 percent production to date due to the retrograde nature of the PUD reservoir.
"Lost amid the controversy and complaints over offshore drilling is the fact that many domestic conventional oil and natural gas opportunities still exist," says Matthew H. Fleeger, CEO of Gulf Coast Western. "We're thrilled with our latest findings, and independent technical evaluations have determined that we're looking at significant production and reserve recoveries in this field."
The initial well was drilled as a vertical well. Future development of the Opelousas field will come through horizontal drilling, allowing for maximum production and reserve recovery from the PUD reservoir. Gulf Coast Western plans to begin the horizontal phase of the drilling program in the next 30-45 days.
The Opelousas development marks the second field development for Gulf Coast Western this year, following earlier work in the Permian Basin.
Gulf Coast Western was founded in 1970 for the purpose of exploring, developing and acquiring domestic oil and gas reserves, primarily in the Gulf Coast region of the United States. Historically, operations have focused on that area with some activity in Kansas and Oklahoma. With a new generation of leadership and dynamic strategic partners, Gulf Coast Western also is capitalizing on opportunities in other areas of the southwest in addition to core exploration and lease acquisition activities in the oil and gas rich Gulf Coast region, where the company has access to thousands of acres to be developed in the coming years. To learn more, visit the company's Web site at http://www.gulfcoastwestern.com.
For more information, contact Matthew H. Fleeger at 800-284-1782 or firstname.lastname@example.org.
SOURCE Gulf Coast Western