Australian-based Elk Petroleum Ltd., which of late has concentrated its exploration and development in the Rocky Mountains, has secured an estimated $20 million agreement to buy Freeport-McMoRan Inc.’s stakes in Central Wyoming’s natural gas-rich Madden field and the Lost Cabin Gas Plant.
Madden
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Industry Briefs
Burlington Resources Inc. has completed and tested the fifthDeep Madison formation well, the Bighorn 6-27 at the Madden Fieldin central Wyoming. Burlington, headquartered in Houston, operatesthe well and holds a 49% working interest. The well reached a totaldepth of 25,855 feet in early January and now, Burlington intendsto move to a two-rig development drilling program in the secondquarter. BR currently operates four wells producing from the deepMadison formation, each capable of gross production in excess of 50MMcf/d. Current gross production is approximately 130 MMcf/d fromthe Madison formation, but production is constrained by processingcapacity at the Lost Cabin Gas Plant in Lysite, WY. The plant’sthird train, now under construction, is scheduled for completion inlate 2002, which will allow gross production to increase to a totalof 310 MMcf/d.
March 19, 2001
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