Taking another step toward reaching its production mix goal of 70% natural gas, Houston-based Mission Resources Corp. reported that the #1 Barry well in DeWitt County, TX has been completed and tested at a gross rate of 10.7 MMcf/d.

The company noted that gas production from the well is expected to commence mid-May at an initial gross rate of approximately 13 to 15 MMcf/d. Additional pay zones will be completed after depletion of the existing zones. Mission Resources currently holds a 25% working interest in the #1 Barry well and on its proportionate share of 1,776 net acres on the prospect. The company reported that several offset locations are being reviewed for further development in the near future.

In addition, the company also announced the successful recompletion of the High Island Block A-553 #A-7 well, located offshore Texas in federal waters. Mission Resources believes that the well will reach a combined gross production rate of approximately 15 to 18 MMcfe. Mission holds a 36.6% working interest in High Island Block A-553 and operates the property. Additional recompletion and drilling opportunities exist on the block, the company said.

“We are pleased with the results of these two wells and continue on track for our production guidance for 2004,” said Robert L. Cavnar, Mission Resources CEO. “With the success of these two wells, our production mix is now over 60% natural gas, which brings us closer to our target of 70% natural gas.”

In January, Mission Resources entered into an agreement to acquire an approximately 80% operating working interest in the Jalmat Field in Lea County, NM (see NGI, Jan. 19). The deal with an undisclosed party, cost Mission $26.7 million in cash. the acquisition allowed Mission Resources to book net proved reserves of approximately 25 Bcfe.

The independent exploration and production company drills for, acquires, develops and produces natural gas and crude oil primarily in the Permian Basin (in West Texas and Southeastern New Mexico), along the Texas and Louisiana Gulf Coast and in both the state and federal waters of the Gulf of Mexico.

©Copyright 2004 Intelligence Press Inc. Allrights reserved. The preceding news report may not be republishedor redistributed, in whole or in part, in any form, without priorwritten consent of Intelligence Press, Inc.