February 2009 production update and status on drilling
Rocksource ASA (“Rocksource”) announces that the February 2009 production from its US subsidiaries averaged 1,768 boepd (barrels of oil equivalent per day). This compares to the January 2009 production of 1,735 boepd and 2,128 boepd in February 2008. The stated production numbers are based on metered daily production, and may thus differ slightly from the final production volumes that will be used for accounting purposes, due to changes in stock volumes etc.
The final development well in the 2008 drilling campaign was spud on 5 February. The well is currently drilled to total depth and casing has been set based on logs showing several hydrocarbon bearing zones. Completion for sales will be done during March.
The Granbury exploration wells have been drilled on new structures and are still being tested. Successful test results will lead to an extensive review of the entire development area where several additional wells must be drilled before a new development is commercially viable at the current low gas prices.
In addition to evaluating development options for the Granbury discoveries, Rocksource is reviewing growth opportunities to secure further production increase. The target of increasing production to 5,000 boepd by 2010 remains, but may be changed if prices do not improve.
Oslo 11.3.2009
Rocksource ASA
Trygve Pedersen
CEO
+47 90 09 77 41
Contact Information
Address:
Thormøhlensgate 53 D
Postboks 994 Sentrum
N-5808 Bergen
Norway
| Phone: | +47 05369 |
| From abroad: | +47 21 49 32 69 |
| Fax: | +47 55 36 87 98 |
Per Anders Muri
VP Corporate Communications
Phone: +47 91 11 61 21
per.anders.muri@rocksource.com