The Exploration Company Operations Update in Glen Rose


The Exploration Company Operations Update in Glen Rose

21 June 2005 at 10:56:21 PM

The Exploration Company provides an operations update on its Maverick Basin acreage block in Southwest Texas.

This year, the Company has spudded or re-entered 20 wells on the block, which covers approximately 727,000 gross acres. TXCO currently plans to drill 60-plus wells in its 2005 capital expenditure (CAPEX) program. Current drilling and operating highlights include:

Glen Rose

TXCO had good success with its latest Glen Rose porosity well. The Comanche 5-111H (50 percent working interest) went on production at the end of May flowing 561 barrels of oil per day from the Glen Rose porosity on a 10/64-inch choke with no water. Drilling on an additional Glen Rose porosity well, the Cage 1-45H (50% WI), began in mid May. Year to date, the Company has participated in these two wells, plus a porosity re-entry begun in the first quarter, now in completion. Drilling on the next porosity well on the Comanche lease will start shortly.

Since drilling began in 2002, TXCO has completed 20 of 30 porosity wells with cumulative production in excess of 1.8 million barrels of oil. The Glen Rose represents the second-largest portion of TXCO's 2005 drilling program. The Company currently plans to drill six new wells and re-enter three existing wells by year end, targeting both the oil-prone porosity and gas-prone Glen Rose shoal.

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