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Texas Meridian Announces 1,400 Barrel Per Day Discovery Well in
its East Cameron Field
Houston, Texas - March 12, 1997 - Texas Meridian Resources Corporation
(AMEX: TMR) announced today that it has increased the oil and
gas reserves and areal extent of its East Cameron Field with the
Davis No. 26-1 discovery well. Initial production testing on the
Davis No. 26-1 resulted in daily rates of up to 2,000 barrels
of oil per day (BOPD) with 6,000 pounds per square inch (psi)
of flowing tubing pressure. The well is currently flowing into
sales facilities at the field allowable rate of 1,400 BOPD and
300 thousand cubic feet of gas per day (MCF/D) at 6,050 psi, from
the Abbeville formation.
The Davis No. 26-1 well is in a separate fault block from the
two other fault blocks discovered by the Company's earlier wells
in its East Cameron Field, and represents new reserves not reflected
in the Company's year end financial statements. The well is the
Company's fourth well drilled and placed on stream in the field
since May of 1996, and brings expected daily field production
to 4,000 BOPD and 1,850 MCF/D, of which approximately 40% is attributable
to the Company's net interest. Based on these expected rates,
the Company's current average daily net oil production from the
East Cameron Field alone will exceed its average daily net oil
production for 1996 from all sources.
The East Cameron Field as discovered to date covers an area approximately
3« miles long, and now represents the Company's largest
source of net oil and gas reserves. The Company expects to spud
another
well in this new fault block before the end of the month, and
at least two additional wells in the field before the end of the
year. The East Cameron Field is operated by Texas Meridian, which
holds a 62% working interest. Other owners include H. L. Hawkins,
Jr. (25%), Optima Petroleum USA (8%) and private companies (5%).
Certain of the foregoing statements may be deemed "forward-looking
statements" within the meaning of the Securities Exchange Act
of 1934.
Although the Company believes that the expectations reflected
in such
forward-looking statements are reasonable, it can give no assurance
that
such expectations will prove to have been correct. Certain risks
and
uncertainties inherent in the Company's business are set forth
in the filings of the Company with the Securities and Exchange
Commission. These risks include price changes for oil and gas,
risks regarding estimates of reserves, production risks, governmental
regulations and general risks regarding the exploration for, and
production of, oil and gas reserves.
Texas Meridian Resources Corporation is an independent oil and
natural
gas company engaged in the exploration for, and development of,
oil and
natural gas properties utilizing 3D seismic technology, primarily
in south Louisiana and southeast Texas. The Company's office is
located in Houston, Texas and its shares are traded on the American
Stock Exchange
under the symbol "TMR."
FOR MORE INFORMATION CONTACT:
W. MATT RALLS,
JOSEPH A. REEVES, JR.
or
MICHAEL J. MAYELL
(713) 558-8080
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