Weiss has another clean shell and these are some other assets that could be placed in either company for sale.
TEXAS
Acleto Creek Field
This field is located in Wilson County on a 16 well lease that produces from a series of Poth sands occurring between the approximate depths of 2,750' and 2,900'. The field has accumulated in excess of 1.5 million barrels of oil. The wells will be re-completed in multiple zones and have the potential to produce as high as 200 barrels of oil per day. Recent reworks and re-completions in the field have increased the daily rate to a range between 45 and 50 bopd. Additional re-completions are planned in the near future. This property has excellent potential for secondary recovery (water flooding) as there was a successful operation on a nearby lease.
China, South Field
This property consists of approximately 200 acres in Jefferson County that have 2 producing wells and a saltwater disposal well. The field has accumulated 2.8 million barrels of oil and 800,000 mcf gas from the Hackberry formation (7,500'). The lease currently produces 10-15 barrels of oil per day, but has additional zones behind pipe in which new completions can be made to enhance the daily production. Also, additional leases can be acquired containing wells for potential re-entry and re-completion. Further, there may be additional drilling locations. Initial rates are expected to be 200 bopd and 300 mcfgpd. Currently the property produces approximately 10 bopd.
Muscadine Field
This field is located on a 230-acre oil and gas lease in Tyler County. The lease has 3 wells situated thereon, one of which is currently producing at the rate of 13-15 bopd. The field produces from multiple zones in the Wilcox formation, occurring between the depth of 8,175' and 8,500'. The field has accumulated production of approximately 400,000 barrels of oil and 350 million cubic feet of gas. Upon completion of the work, the combined daily rates should exceed 200 bopd plus casing head gas at the rate of 250 mcfgpd. Remedial and re-completion work on the property is pending the approval of a Plan of Operation by the National Park Service.
Salt Flat Field
This field is located in Caldwell County. The lease contains 29 production wells and 1 saltwater disposal well. The field produces from the Austin Chalk and Buda formations from an approximate depth of 2,700'. The wells on the lease have been shut-in for some time and will require remediation. Further, Bayside plans to treat each well with a dendritic frac by pumping fresh water into the producing zone thereby flushing the fines that have migrated around the well bore and limited fluid entry. We expect a minimum of 100 bopd and have projected a potential 250-300 bopd. Also, a significant number of additional wells can be drilled on this lease. Remedial work was performed on the lease earlier this year and will resume shortly.
Alta Mesa, E. Field
The Mangel No. 1 well is located on a new oil and gas lease in Brooks County. This well accumulated over 700 million cubic feet of gas and 14,000 bbls of condensate prior to encountering mechanical problems and was shut-in. Bayside and its associates have successfully re-entered the well and removed the obstruction. The well had 4,000 psi at the well head prior to re-entry operations and the calculated bottom hole pressure is in excess of 8,000 psi. During the re-entry, 18 pound drilling mud had to be used to keep the well in control and significant gas and condensate was recovered during the operations. Bayside expects the well to produce natural gas at estimated rates ranging from 2.5 to 3.5 mmcf/d plus 30+ bbls condensate. Completion work on the well is now ongoing.
LOUISIANA
S. Thornwell Field
This prospect consists of a lease containing 720 acres in the S. Thornwell Field, Cameron Parish. The prospect calls for the re-entry or drilling of at least 4 wells to complete in the Discorbis Gravelli (Miocene) sand at the approximate depth of 10,300'. There have been 3 wells that have produced from this sand in the field. One well recovered 2.5 Bcf gas and 27,000 barrels of condensate. The other wells recovered a lesser amount, but were profitable. A consulting engineer/geologist has estimated that each well is capable of recovering in excess of 5 Bcf gas and 30,000 barrels of condensate. The first well has been re-entered and testing has commenced. The well had shut-in pressure on the tubing of 3,650 psi prior to the commencement of work with tubing loaded with KCl water & mud. Initial production rates are anticipated to be in the range of 2.5 to 3.5 mmcf/pd plus 40-50 barrels of condensate. A drilling rig is scheduled to drill a sidetrack hole to move away from previous formation damage and make a good completion.
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