Pangea Petroleum Announces Results From Brazoria County, Texas Well
HOUSTON--(BUSINESS WIRE)--July 25, 2006--
Pangea Petroleum Corporation (OTCBB: PAPO), announced today results from its well in Brazoria County, Texas. This project is a 4,000' well recompletion in the Miocene sand. The well workover was completed in late June and the well is producing at a rate of 250 MCFD from the current interval. The interval is maintaining a 1300 psi tubing pressure and will be held at this controlled rate to evaluate the ability to continue to produce with very low water production. Pangea has a 7.0% working interest, which represents a 5.25% net interest in the prospect.
"The well log indicates that this well has at least two, and as many as four, additional zones to complete, which will be done sequentially when the current zone is no longer economic. In addition, the prospect area has at least two more potential locations for new wells. Further drilling will be evaluated after obtaining some production history from the current well," noted Mark Weller, President of Pangea. "It looks like this well will fit nicely into our portfolio for several years and will be further enhanced if additional locations can be developed and drilled in the next few months."
Pangea Petroleum Corporation (www.pangeapetroleum.com) is a Texas-based independent diversified crude oil and natural gas exploration and production company. Pangea's primary focus is to explore for, produce and sell oil and natural gas by establishing production reserves through exploration and acquisitions. Pangea's niche or specialty is the small or moderate operations that do not fit the strategy of the larger oil and gas producers, but are none-the-less contributors to the US energy supply.
Special Note: Management believes certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the company's performance anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses
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