Garcia and Benevides
Garcia about $502.00 for each $1,000. Benevides about $210 per
$1,000 has been returned in the distributions. It is expected that
following the Christico buy-out that has been announced, we will receive
a lump sum of back revenues owed to us. This lump sum should almost
equal the amount we have received in revenue to date. This will almost
double our return to date. Very bullish development.
Garcia -has paid $637.85/$1,000 invested. Benevides - has paid $281/$1,000 invested. We anticipate that
the six months of oil condensate/well will be mailed to partners by
August 15, 1995. Should amount to a meaningful distribution. N.E. Erick - Dryden - This well has excellent pressures and
should produce between 400-500 mcf per day. Pipeline construction has
now been completed and production numbers will be out shortly. The
payout on the Dryden well is expected to be around three years,
including the funds going toward the NorthEast Erick. Similar wells in
the area have about 8 to 10 year life. This return is good considering
the original well in another field, the Northeast Erick, was a dry hole.
Guerra C-2 - The Guerra C-2 began selling gas on February 2, 1995 and has so far produced enough to return about $80.00 for each $1,000 participation. They are currently doing a bottom hole pressure test in order to step up the production. Payout on this well should be under 25 months, if all goes well.
Flack #1 - Gas sales from this well began on July 7. Production has begun at about 4,400 mcf per day and will gradually be stepped up until it reaches 5,000 mcf per day. At 5,000 mcf, payout on this well will be about 13.6 months and checks at about $73 a month for each $1,000 participated. This well has numerous other productive sands and is expected to return about 8 times to the partners over its lifetime. A super well by any measure.
Glomp 1 - The Glomp 1 is an offset well to the Flack #1. Pressures and production are similar to that of the Flack. It is also structurally high and therefore it could be a better well. The pipeline and production facilities had already been completed. This has allowed gas sales to begin on Monday, July 24th. We expect good numbers from this well. Initial production was 2,000 mcf/day and 130 barrels of condensate - anticipate production to reach 5,000 mcf/day near term. A twin of the highly successful Flack #1. We anticipate that a third well in this field will be drilled during early October, 1995 and believe similar results will be attained. We are extremely excited about this field's potential.
For more information on any of the existing projects or information on
future opportunities, especially the "third" well, please call Chauncey
Buck at 1-800-746-4GAS (minimum investment $3,000).