PetroHunter Energy Provides Operational Update
DENVER, Oct 31, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
PetroHunter Energy Corporation (OTC Bulletin Board: PHUN) reports that its unconventional natural gas exploration drilling program is continuing on schedule. Eight producing wells have been connected into the sales gas pipeline in Colorado. Permitting is continuing in Montana and a workover rig has commenced the initial well revitalization in our Fiddler Creek Prospect leasehold position. In Utah, PetroHunter has purchased additional 2D seismic, started preparation of drilling permit applications and continues design studies for land-based infrastructure. In Australia, 500 kilometers of the 2D seismic data collection has been completed. Initial processing of the new data has also commenced. Title to all of PetroHunter Energy Corporation\'s oil and gas assets is owned by its wholly-owned subsidiary, PetroHunter Operating Company. (PetroHunter Energy Corporation and PetroHunter Operating Company are collectively referred to herein as the "Company".) Each of the statements set forth below, regarding the total number of net mineral acres owned by the Company and the net mineral acres in each project, refers to the combined total net mineral acres owned 50% by the Company and 50% by its working interest partner (MAB Resources LLC).
Piceance Basin Natural Gas Operations - Colorado
The Company has commenced drilling operations as part of a 25-well program in the Piceance Basin. As of October 23, 2006, eight wells, in which the Company owns a participating interest, are currently producing natural gas and have been connected to the gas sales pipeline. The Company is now receiving revenue from gas production. Drilling operations are ongoing on the Furr lease, where the Company holds 12 approved drilling permits. Thus far, four wells have been completed and the Company\'s rig is starting on a three well pad for additional drilling on the same lease. In total, in the Piceance Basin, the Company has drilled and completed eight wells that are producing, four wells that have been completed without a pipeline connection, an additional seven wells which are cased awaiting completion, and one additional well in the process of being drilled. Initial production rates by well into the gas sales pipelines have varied from 1.2 million to 2.2 million standard cubic feet per day.
Buckskin Mesa
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