FOR IMMEDIATE RELEASE
UPSTREAM EXPLORATION ANNOUNCES SUCCESSFUL WELL
IN EAST COX BAY FIELD
Metairie, Louisiana – (Business Wire) – January 10, 2017 – Upstream Exploration LLC (“Upstream” or the “Company”) a privately-held independent oil and gas exploration and production company, announced today it had completed and brought online a second successful well in the East Cox Bay Field located in Plaquemines Parish, Louisiana. The well, referred to as the Palmetto C Prospect, encountered 64 feet of net oil pay from a 76 foot gross interval in a geopressured Middle Miocene age sand. The well flowed nearly 700 gross barrels of oil equivalent (73% oil), with no formation water, on a 9/64 inch choke with a flowing tubing pressure of 4,750 PSIG. The well was drilled to a total vertical depth of 12,529. Upstream owns a 100% working interest in the well and is the operator.
On December 14, 2016, Upstream was the successful high bidder on Louisiana State Lease 21691 adding to its acreage in the East Cox Bay Field. The Company now holds a 100% working interest in nearly 4,000 acres in the area and has identified at least four additional drilling locations.
Michael Willis, Upstream’s President, commented “We are very pleased with the results of this new well and are encouraged by the prospectivity at East Cox Bay. We believe that our strong technical and operational experience, coupled with an attractive capital structure, will enable us to continue to create value and capitalize on future opportunities. This drilling success allows us to begin 2017 with an attractive combination of strong production volumes and higher oil prices.”
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. For additional information, please visit www.upstreamexp.com.
Al Petrie, Investor Relations Coordinator
Michael Willis, President