Osyka finds Placedo East field gas-productive

Osyka Corporation, a Houston-based energy company specialising in exploration, production, development, and acquisition of oil and gas properties, today announced that it has successfully tested a shallow zone of interest in Placedo East Field in Victoria County, Texas and it was found to be gas-productive.

Osyka Corporation, through its wholly owned subsidiary Osyka Permian, LLC (Osyka) acquired an interest in the Placedo East Field in Victoria County, Texas during August and September 2010.

Osyka recently tested a shallow zone in Agnes West Well No. 6, one of two shut-in wells and found it to be gas productive in an Upper Frio sand at an AOF rate of 2876 million ft3/d and approximately 1 barrel of oil per million ft3 of condensate. The well will be placed on production after all regulatory approvals are granted.

“I am very pleased to report encouraging results from Agnes West Well No. 6,” said founder and CEO Michael Harness. “This new production will further enhance revenue for the company during a time when gas prices are showing signs of a modest recovery. The field was discovered in 1935 by The Superior Oil Company and could still hold potential remaining oil and gas reserves. Therefore, management has decided to conduct a detail evaluation of the field before further plugging operations.”

Published on 08/12/2010

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