FDEI Fidelis Updates Planning for ''Archer F-1'' Gas Well at North Franklin
Business Wire - November 22, 2005 9:00 AM (EDT)
TUCSON, Ariz., Nov 22, 2005 (BUSINESS WIRE) -- Fidelis Energy, Inc. (OTCBB:FDEI) today wishes to update the planning for the "Archer F-1" deep Forbes test, the next gas well to be drilled at the Company's North Franklin gas reservoir, Sacramento Basin California. Fidelis has advanced funds to the operator in full for the Company's share of the drilling costs of the well.
The construction of an all-weather road and drilling pad is ongoing now that well licensing and permitting have been completed. This will allow drilling to proceed during the wet season when conditions usually prevent mobilizing drilling equipment. The operator is currently sourcing a suitable drilling rig capable of reaching the main objective, that being the 11,800-foot Forbes F-zone.
The deep Forbes F-zone has the potential to contain 60 Bcf gas. The well location offsets the productive upper Winters sand discovered in 2004 and will test both the upper and middle F-zone fans at a structurally favorable position. In the event that the F-zone is not productive at this location, the well could be put into production from the Winters as the third producing well in the reservoir. The 11,800-foot well is estimated to cost through completion and tie-in, approximately $2.4 million.
As previously announced, the Forbes F-zone lies beneath the younger Winters sand that is currently producing from the Archer-Whitney #1 and Archer-Wildlands #1 well at the North Franklin gas reservoir that has under lease 3,465 gross acres covering both the Winters and Forbes formations. The deep F-zone has approximately 1,200 acres of structural and stratigraphic closure based on mapping of the seismic anomaly. It is defined by regional well control and 2-D seismic data from three seismic lines. The strong AVO anomaly as seen on the seismic indicates that gas may be present.
Gas is expected to be contained in permeable, Upper Cretaceous, deep-water F-zone sandstones that are of equivalent age to sandstones that are the major producing zones in the northern portion of the Sacramento Valley. An estimated 75 feet of net reservoir sandstones are expected to be present in the upper and middle F-zone fans at the proposed test location. Equivalent Forbes sandstones are the chief producing gas reservoirs in the northern Sacramento Valley having produced in excess of 2 Tcf of gas.
ABOUT FIDELIS ENERGY INC.
Based in Tucson, AZ, Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in California, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Fidelis Energy, Inc. has little or no control.
For more information, please visit our website at www.FidelisEnergy.com, or contact:
Investor Relations 888-894-3334 (Contact: William Marshall)
ON BEHALF OF THE BOARD
Fidelis Energy Inc.
William Marshall -- President
SOURCE: Fidelis Energy, Inc.
Fidelis Energy, Inc., Tucson
William Marshall, 888-894-3334 (Investor Relations)
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