Friday, October 15, 2010

St. Martin Parish, Louisiana - GeoResources Update

By Andrea:

GeoResources Inc. (GEOI) recently released an operational update announcing their move into St. Martin Parish, LA where they plan on drilling in the 4th quarter of 2010:

St. Martinville is a shallow oil development project with deeper gas objectives located in St. Martin Parish, Louisiana. They are currently moving onto our first drilling location. GeoResources plans to drill four wells during the 4th Quarter of 2010 and 1st Quarter of 2011. The first well, the Conoco Fee A-53, is expected to test Miocene-aged, stacked oil objectives ranging from 2,700 to 4,500 feet. Our working interest is 97%. Pending approval of proposed units and drilling permits, they plan to drill three additional wells one of which will be a re-entry of a previously drilled well. Our working interests are expected to be similar to the Conoco Fee. They continue to work the 3-D seismic and subsurface geologic well control and expect to have additional locations. In the event of success in the first four locations, the project could be expanded to include six to ten additional wells. All of these proposed drilling locations have multiple stacked objectives and are above 5,000 feet. GeoResources also has drilling objectives for gas and liquids in the Discorbis section at about 10,000 feet. Drilling and completion services and supplies are readily available for this project.

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