Drill results at Blueberry reveal similar characteristics to Flatrock blockbuster
Oil and gas explorer and developer McMoRan Exploration Co. (NYSE: MMR) recently said drill results from its Blueberry Hill tested positive for a potential major natural gas discovery.
The deep gas exploratory sidetrack well located on Louisiana State Lease 340 was drilled to a true vertical depth of 21,900 feet, indicating resistive zones approximately 150 gross feet, the New Orleans, La.-based company said. McMoRan plans to deepen the well to a depth of 24,000 feet following a repair of a mechanical issue.
On March 29, 2009, the company reported it re-entered the Blueberry Hill operation with the intent to sidetrack a previously bored well.
“We are extremely encouraged by these drilling results which indicate thickening on the flank of the Blueberry Hill structure and a potential major discovery,” said McMoRan’s co-chairman, James R. Moffett. “We look forward to drilling deeper to evaluate additional prospective sands encountered in the original well. This appears to be a large structure with significant reserve potential and additional development and exploration opportunities.”
McMoRan potentially will add Blueberry Hill to its prior successes, including Flatrock, Hurricane, Hurricane Deep, JB Mountain and Mound Point, with further significant discoveries possible in this important area.
“Like our major discovery at Flatrock, where six wells in the field are currently capable of producing at a gross rate of over 300 million cubic feet of natural gas equivalents per day, Blueberry Hill is another clear example of our deeper pool concept. Blueberry Hill is located approximately 11 miles southeast of Flatrock and represents the deeper expression of the structural features of the shallower Mound Point field, which produced over 2.5 trillion cubic feet of natural gas equivalents from multiple wells above 12,500 feet,” Moffett stated.
McMoRan controls 150,000 acres in OCS Block 310/Louisiana State Lease 340, and has 42.9% working interest and a 29.7% net revenue interest in the Blueberry Hill project, while Plains Exploration and Production Co. (NYSE: PXP) holds a 47.9% working interest.
About McMoRan Exploration
McMoRan engages in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area. The company has one of the largest acreage positions in the shallow waters of the Gulf of Mexico and Gulf Coast areas.
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DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS REPORT. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. BeaconEquity Research nor its affiliates have a beneficial interest in the mentioned company; nor have they received compensation of any kind for any of the companies listed in this communication. The information contained in our report is not an offer to buy or sell securities. We distribute opinions, comments and information free of charge exclusively to individuals who wish to receive them.
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BeaconEquity.com is committed to producing the highest-quality insight and analysis of small-cap stocks, emerging technology stocks, hot penny stocks and helping investors make informed decisions. Our focus is primarily OTC stocks in the stock market today, which have traditionally been shunned by Wall Street. We have particular expertise with renewable energy stocks, biotech stocks, oil stocks, green energy stocks and internet stocks. There are many hot penny stock opportunities present in the OTC market everyday and we seek to exploit these hot stock gains for our members before the average daytrader is aware of them.
Beacon Equity Group Disclaimer
This newsletter is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Beaconequity.com is a wholly-owned subsidiary of BlueWave Advisors.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a real licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
McMoRan says Blueberry Hill Could Hold Major Gas Reserves
Posted by BeaconEquity.com on Jul 07, 2009 | No comment
Drill results at Blueberry reveal similar characteristics to Flatrock blockbuster
The deep gas exploratory sidetrack well located on Louisiana State Lease 340 was drilled to a true vertical depth of 21,900 feet, indicating resistive zones approximately 150 gross feet, the New Orleans, La.-based company said. McMoRan plans to deepen the well to a depth of 24,000 feet following a repair of a mechanical issue.
On March 29, 2009, the company reported it re-entered the Blueberry Hill operation with the intent to sidetrack a previously bored well.
“We are extremely encouraged by these drilling results which indicate thickening on the flank of the Blueberry Hill structure and a potential major discovery,” said McMoRan’s co-chairman, James R. Moffett. “We look forward to drilling deeper to evaluate additional prospective sands encountered in the original well. This appears to be a large structure with significant reserve potential and additional development and exploration opportunities.”
McMoRan potentially will add Blueberry Hill to its prior successes, including Flatrock, Hurricane, Hurricane Deep, JB Mountain and Mound Point, with further significant discoveries possible in this important area.
“Like our major discovery at Flatrock, where six wells in the field are currently capable of producing at a gross rate of over 300 million cubic feet of natural gas equivalents per day, Blueberry Hill is another clear example of our deeper pool concept. Blueberry Hill is located approximately 11 miles southeast of Flatrock and represents the deeper expression of the structural features of the shallower Mound Point field, which produced over 2.5 trillion cubic feet of natural gas equivalents from multiple wells above 12,500 feet,” Moffett stated.
McMoRan controls 150,000 acres in OCS Block 310/Louisiana State Lease 340, and has 42.9% working interest and a 29.7% net revenue interest in the Blueberry Hill project, while Plains Exploration and Production Co. (NYSE: PXP) holds a 47.9% working interest.
About McMoRan Exploration
McMoRan engages in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area. The company has one of the largest acreage positions in the shallow waters of the Gulf of Mexico and Gulf Coast areas.
BeaconEquity.com Research Disclosure
DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS REPORT. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. BeaconEquity Research nor its affiliates have a beneficial interest in the mentioned company; nor have they received compensation of any kind for any of the companies listed in this communication. The information contained in our report is not an offer to buy or sell securities. We distribute opinions, comments and information free of charge exclusively to individuals who wish to receive them.
About BeaconEquity.com
BeaconEquity.com is committed to producing the highest-quality insight and analysis of small-cap stocks, emerging technology stocks, hot penny stocks and helping investors make informed decisions. Our focus is primarily OTC stocks in the stock market today, which have traditionally been shunned by Wall Street. We have particular expertise with renewable energy stocks, biotech stocks, oil stocks, green energy stocks and internet stocks. There are many hot penny stock opportunities present in the OTC market everyday and we seek to exploit these hot stock gains for our members before the average daytrader is aware of them.
Beacon Equity Group Disclaimer
This newsletter is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Beaconequity.com is a wholly-owned subsidiary of BlueWave Advisors.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a real licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.