The Wiser Oil Company announced a new field discovery in the West Cameron block 347 in the Gulf of Mexico. The West Cameron #1 discovery well, located approximately 50 miles offshore Louisiana in 82 feet of water, was drilled to a total depth 11,600 feet (11,043 feet TVD), encountering approximately 100 feet of net gas pay in three zones. Wiser owns a 25% working interest in the new discovery. The well has been completed and tested at a combined rate of more than 22 million cubic feet gas per day. It is anticipated that production will be initiated in the first or second quarter of 2003 after platform facilities and a pipeline are installed. Wiser's partners on West Cameron 347 are Remington Oil and Gas Corporation who operates the block with a 50% working interest, and Magnum Hunter Resources who owns the remaining 25% working interest.
George K. Hickox, Jr., Chairman and Chief Executive officer, said, "The success of West Cameron 347 #1 marks Wiser's fifth new-field discovery in the Gulf of Mexico, since we entered the offshore in 2001 through our joint venture with Remington and Magnum Hunter. With the recent awarding of 11 blocks from the MMS 182 Lease Sale, Wiser has in less than two years assimilated more than 42 blocks, including six held by production. On the 42 blocks, Wiser has 35 undrilled prospects with net unrisked reserve potential of more than 250 billion cubic feet equivalent of natural gas."