Metairie, Louisiana – (GlobeNewswire) – October 8, 2018, – Upstream Exploration LLC (“Upstream” or the “Company”) a privately-held independent oil and gas exploration and production company, announced its third successful well in East Cox Bay Field located in Plaquemines Parish, Louisiana. The well, referred to as the Palmetto D Discovery, encountered 59 feet of net gas condensate pay with no apparent water level from a 75 foot gross interval in a geopressured Middle Miocene age sand. The well flowed approximately 675 gross barrels of oil and 4.9 million cubic feet of gas per day, with no water on a 13/64 inch choke with a flowing tubing pressure of 5,800 psi. The well was drilled to a total vertical depth of 12,302 feet. Upstream is the operator with a 100% working interest in the well.
Upstream was the successful high bidder on over 1,200 acres at the Louisiana State leases sale held on June 13, 2018. Upstream Exploration now controls a 100% working interest in nearly 4,100 acres in the East Cox Bay Field. Upstream has identified three additional drilling locations in the field.
Michael Willis, Upstream’s President, commented “We are very pleased with our continued exploratory success with our discovery at the Palmetto D well, which is the third successful well we have drilled in the prolific East Cox Bay Field. We continue to generate strong operational cash flow and are funding all of our drilling opportunities through internal cash generation. With a strong and clean balance sheet, increasing production and pricing, we are poised for a very successful year in 2019.”
About Upstream Exploration
Upstream Exploration is a privately held, independent oil and gas exploration and production company focused on the exploration, exploitation and development of oil and gas properties, primarily in the shallow waters of the Gulf of Mexico and along the U.S. Gulf Coast. The Company is headquartered in Metairie Louisiana and has approximately 20 total employees in its headquarters and field locations.
Al Petrie, Investor Relations Coordinator
Michael Willis, President