Wouldn't surprise me either to see PYDPF trading significantly higher by eoy!
Seeing as how the ongoing well workovers and the upcoming new development wells will be at least partially funded through continued free cash flow...I really liked the way they mentioned "greater than anticipated production..."as a result of slower than projected depletion. ------------------------------------------ From last Monday's PR " the free cash flow from operations will positively facilitate the ongoing well rework and drilling programs." ------------------------------------------- It wouldn't surprise me a bit to hear of another lease acquisition as a result of this financial flexibility. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Pyramid receives approval for well workoversFiled from Houston 6/10/2008 7:18:11 PM GMT
HOUSTON: Pyramid Petroleum has received permission from the U.S. Minerals Management Service to begin the re-completion of two wells on Green Canyon Block 184 in the Gulf of Mexico. Upon completion of the A-10 and A-16 wells, Pyramid will seek approval for the re-completion of six more wells in Green Canyon Blocks 184, 52 and 53.
Gross production from the eight wells is expected to increase as much as 1,800 b/d and 2,500 Mcf/d with Pyramid's net increase totaling 450 b/d of oil equivalent. All re-completed wells will be placed in production immediately through existing facilities. The workover programs on the wells are expected to be completed by October 2008. Pyramid will fund its share of the US$1.0 million will be funded from existing cash flow.
Pyramid is operator of the Green Canyon blocks. The platforms are located in 570 feet to 1,760 feet (178 to 536 m) of water and produce between 2,300 b/d and 4,000 Mcf/d. The platforms were designed and constructed by Conoco in 1989 with the capacity to produce 55,000 b/d and 125,000 Mcf/d.
Oil produced from the platforms is shipped through a 30-mile (48 km) 12-inch (30 cm) diameter underwater pipeline in which Pyramid holds an ownership interest of 19 percent. Gas is marketed through a third party gas pipeline. Pyramid holds varying working interests ranging from 16.5 percent to 25 percent in 15,000 acres within the Green Canyon Blocks and in the platform facilities.
Additionally, Pyramid will begin its participation in an exploratory drilling program of four wells, announced April 16, in July 2008. Pyramid is participating for a 20 percent working interest. One prospect will be operated by Pyramid, while the other three prospects will be operated by Houston-based Black Pool Energy
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