K C S Energy (NYSE:KCS)
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KCS Energy, Inc. Updates Exploration Drilling Activity
HOUSTON, July 7 /PRNewswire-FirstCall/ -- KCS Energy, Inc. (NYSE:KCS) today
announced results from three key wells.
The "Austin Deep" Prospect in Goliad County, Texas (KCS WI=66%) was drilled to
14,103 feet TVD penetrating 70 feet of net gas pay in four middle Wilcox sands.
The K. Jackson #2 was fracture stimulated in four stages and was placed on
production at 8,900 MCFEPD flowing at 6,600 psi FTP. An offset follow-up well
is planned for the third quarter targeting deeper exploratory sands and to
further develop the newly discovered producing zones.
At the Haley Field in Loving County, west Texas, KCS has a carried interest in
the drilling of the Haley 31-2 well. The well recently reached total depth at
17,700 feet and logged several potentially productive sands by log analysis.
KCS anticipates having a 17% WI in the completion operations and higher
interests in offset locations.
The Eichman Gas Unit #2 well (KCS WI = 25%) in Goliad County, south Texas has
been drilled to total depth, logged and will be completed within the next few
weeks. The well will develop three middle Wilcox pay sands discovered in the
Eichman Gas Unit #1 well which is currently producing at 17 MMCFEPD. A third
well is anticipated in this field in the third quarter.
In addition, KCS has spudded the O'Connor Ranch #22 (KCS WI = 60%), a 13,800
foot exploratory Wilcox test on trend with the Austin Deep discovery in Goliad
County, Texas. The well is expected to reach total depth within the next few
weeks.
Commenting on the exploration successes, James W. Christmas, Chairman and CEO
stated, "Our south Texas and west Texas exploration inventory provides higher
reserve potential and compliments our program drilling in the Mid-Continent
area. These discoveries should increase our future production and provide
developmental follow-up locations that will supplement our 2006 drilling
program."
The following abbreviations are utilized herein:
WI -- Working Interest
MCEFPD -- Thousand Cubic Feet of Natural Gas Equivalent Per Day
MMCEFPD -- Million Cubic Feet of Natural Gas Equivalent Per Day
TVD -- True Vertical Depth
FTP -- Flowing Tubing Pressure
psi -- Pounds per Square Inch
This press release contains forward-looking statements that involve a number of
risks and uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements are delays and difficulties in developing currently owned
properties, the failure of exploratory drilling to result in commercial wells,
delays due to the limited availability of drilling equipment and personnel,
fluctuation in oil and gas prices, general economic conditions and the risk
factors detailed from time to time in the Company's periodic reports and
registration statements filed with the Securities and Exchange Commission.
KCS is an independent energy company engaged in the acquisition, exploration,
development and production of natural gas and crude oil with operations in the
Mid-Continent and Gulf Coast regions. For more information on KCS Energy,
Inc., please visit the Company's web site at http://www.kcsenergy.com/
DATASOURCE: KCS Energy, Inc.
CONTACT: James W. Christmas, Chairman and CEO of KCS Energy, Inc.,
+1-713-877-8006; or Marilynn Meek, General Info, +1-212-827-3773, or Susan
Garland, Analysts, +1-212-827-3775, both of Financial Relations Board
Web site: http://www.kcsenergy.com/