Edge Petroleum Corporation has drilled two successful well in Texas. In Texas at Edge's Gato Creek Field, the Lundell Ranch #7 was drilled and successfully completed as a producer in the Lobo sands. The well began production June 8, 2002 and is currently producing 3.3 MMcfe per day. On June 23, 2002, the Lundell Ranch #14 was logged with an apparent 60 feet of net pay. Completion work has begun with first production anticipated in mid-July 2002. The rig utilized to drill the Lundell #7 and #14 will be moved to the next planned location in the Gato Creek Field as soon as completion work on the Lundell #14 and minor rig repairs are completed. Current gross production from the field is 7.2 MMcfe per day. Three to five additional locations exist at this field, which was acquired by Edge at year-end 2001. Edge has increased production over 100% since the acquisition through a combination of well work, compression modifications and new drilling.
In Louisiana, the Thibodeaux #1 began production in early May 2002. The next development well on the Duson complex, the Sonnier #1 spud on June 15 and has just set surface casing at 4,064 feet. The Sonnier #1 has a planned total depth of 14,800 feet and should reach that depth late in the third quarter of 2002. Resource potential is estimated to be 25 to 40 Bcfe.
Edge currently has plans to drill up to two additional wells in Louisiana during 2002. North Gueydan is a 16,500 foot Marg Tex exploratory well in which Edge is currently seeking partner interest. Gross estimated resource potential is 45 to 75 Bcfe. Jericho is an exploratory prospect just east of the Duson complex, along the same trapping fault. This 14,500 foot well with an estimated 40 to 60 Bcfe gross resource potential is expected to spud in the fourth quarter of 2002.
Edge expects to spud the first well of a five-well program in its Bay Horse Project in the Northern Powder River Basin in July. The proposed wells have been staked and are currently in the permitting process with permits expected to be granted in early July and operations commencing immediately thereafter. Edge expects the first well to be drilled to be the Westech-Federal #4-33, a 10,900 foot exploratory well with a gross estimated resource potential of 4 to 6 MMBOE.
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