Odyssey Petroleum Announces New Workover Plans
9/29/2009 11:46:25 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 29, 2009 (MARKETWIRE via COMTEX News Network) --
Odyssey Petroleum Corp. (TSX VENTURE: ODE)(FRANKFURT: YQN) (the "Company" or "ODE") announces progress with its oil and gas development programs in the U.S. The following summarizes current activities:
New Workover Program Initiated for Pelahatchie Field
The Company has initiated operations to improve production in four previously drilled wells in the Pelahatchie Field. One such effort is driven by the results of new geological mapping in the field. Management recently commissioned a study of the production characteristics attributable to an excellent producing well in the southern-most part of the two mile long oil field. In the aforementioned mentioned well, the Company recompleted in the 10,500 ft Rodessa sand from a poorly performing zone in September 2006. Initially the well flowed at the rate of 400 barrels of oil per day, however it was immediately restricted by production personnel with a 8/64's choke to approximately 80-100 barrels of oil per day in order to protect the zone. Since that time the well has produced approximately 75,000 barrels of oil. After three years, the well still continues to average 65-70 barrels of oil per day, with good associated gas and little water.
Mapping indicates that this particular sand appears to be a fluvial point bar type of deposit that is trapped stratigraphically to the north and to the east against the Pelahatchie salt structure. Maximum thickness is 16 feet in a well in the northern portion of the field. Original oil in place over the 570 acres covered by this particular sand indicates that there are 2,055,606 barrels of oil in place (10,500 ft sand alone). Recoverable oil, estimated at 50% recovery is expected to be 1,027,803 barrels of oil. At Pelahatchie Field, as many as 38 stacked oil zones have been found, each at different horizons - some larger than others, and some more prolific than others.
The 10,500 ft sand in this recent study is present and appears to be saturated with oil in the majority of Odyssey's producing wells, in several shut in wells, and in a number of previously abandoned wells in the field. Utilizing data gained from the study, Odyssey intends to start immediately to access oil in this zone from a number of different wells (as one well will normally only drain approximately 40 acres). Re-completions in existing wells are expected to cost less than US$50,000 per well, and approximately US$150,000 in each closed in well, where tubular and a pumping unit must be purchased.
In addition to exploitation of this newly defined zone, new cased hole logs run in the wells recently drilled in the field have provided important new geological data that indicates many additional accumulations of oil at various depths in the wells. Company and independent geologists are studying and mapping formations utilizing this data, in order to provide insight into which zones have the best production characteristics and should be targeted for new re-completions in the field - all in the interest of increasing production.
About Odyssey Petroleum Corp. - Odyssey Petroleum Corp. is a Canadian based junior oil and gas company traded publicly under the symbol ODE on the TSX-V Exchange. The Company's mission is the discovery and development of economic oil and gas through the exploration of high quality projects located primarily in the Southeastern United States.
ON BEHALF OF THE BOARD
Whitney Pansano, President & COO
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