Good
afternoon!
Please
find attached today’s second Bayou Bend news release. Please do not
hesitate to contact me if you have any questions or for further information.
Best
regards,
Sophia
Shane
604
689 7842
BAYOU BEND SPUDS FIRST WELL
AT MARSH ISLAND
GAS PROJECT
February 20,
2007 (BBP – TSXV) … Bayou Bend Petroleum Ltd.
(“Bayou Bend” or “the Company”) is pleased to announce
that it has commenced drilling its first well on the Marsh
Island project located in the Gulf of
Mexico, offshore Louisiana.
The well is testing the Greylock Prospect, a large northeast trending
structural trap approximately 4.5 miles south of the southern tip of Marsh Island.
TODCO’s Rig 52 was mobilized to site over the weekend and Greylock #1
spudded on February 19, 2007. Proposed depth for the well is 10,500
feet targeting the Upper Miocene sands. The well is expected to reach
target depth in approximately 25 days. If successful, the well will be
immediately completed and tied-in to the Company’s El-7 production
facility.
The Greylock Tex L
“C” sand structure is 3-D seismic and sub-surface supported and
exhibits a seismic hydrocarbon anomaly that extends east and west along the
axis of the structure. The prospect is located immediately southwest of a
producing field discovered by Hunt Oil Company and may be part of the same
structure.
The Marsh Island
project comprises a quality portfolio of gas/condensate assets onshore/offshore
Marsh Island
in the Gulf of Mexico, including a 40 MMcfgpd
production facility tied into the existing regional pipeline infrastructure.
This facility has the potential to accelerate production timing and reduce
capital costs upon successful completion of the exploration program.
The project is newly opened
acreage in a prolific producing area which is virtually unexplored. The
Company has an exclusive leasing option to acquire 18,158 acres within a 90,000
acre AMI (Area of Mutual Interest) that is surrounded by producing
gas/condensate fields. Recent new discoveries in the vicinity include the
Mound Point, Lake
Sand and W. Cote Blanche
fields with a total estimated 11.5+ trillion cubic feet of gas equivalent
(“TcfGE”).* Over 24 prospects have been identified on the Marsh
Island project on new 3D seismic. A multi-well program is planned for
2007.
The Company has recently
completed the acquisition of an 18.1634% interest in the Marsh Island project
and expects that it will also close, subject to regulatory approval, on the
previously announced acquisition of an additional 17.4175% participating
interest in the Phase I Area of the Marsh Island project over the course of the
next several days for a total participating interest of 35.5809%.
Cautionary
Statements
*This estimate has been
obtained from available public records, but has not been verified by Bayou
Bend.
All references in this release
to TcfGE are based on a 6 to 1 conversion ratio. TcfGE may be misleading,
particularly if used in isolation. All A TcfGE conversion of 1 bbl
condensate:6,000 Mcf is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. This document contains statements about expected or
anticipated future events and financial results that are forward-looking in
nature and as a result, are subject to certain risks and uncertainties, such as
general economic, market and business conditions, the regulatory process and
actions, technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential delays or changes
in plans, the occurrence of unexpected events, and the Company’s
capability to execute and implement its future plans. Actual results may
differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within the
meaning of the Private Securities Legislation Reform Act of 1995.
On Behalf of the Board
Clint
Coldren
President
For further information,
please contact:
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Clinton Coldren - President
Tel.: (504)
561-1151
Email: coldren@bayoubendpetroleum.com
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Keith Hill - Chairman
Tel: (604)
806-3583
Email: khill@namdo.com
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Sophia
Shane – Corporate Development
Tel:
(604) 689-7842
E-mail: sophias@namdo.com
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