Probe Resources Ltd. announced that it has discovered commercial reserves in multiple horizons in its East Cameron 36 No. 1 well located in the U.S. Gulf of Mexico. The well was spud on August 5, 2008 and was drilled under budget to a total depth of 10,450 feet. Production casing will be run in the well, a caisson will be over-driven, and a caisson deck will be installed. Production from the field is expected to commence in the fourth quarter of 2008. Additional drilling in the field will also commence in 2008.
Scott Broussard, Chairman and CEO of Probe, commented; “We are pleased that our 2008 Drilling Program commenced with a successful gas discovery that was consistent with our expectations which are fully described in the Company’s National Instrument 51-101 report filed June 5, 2008 and available for review at www.sedar.com and on the Company’s website.”
In addition, the Company expects to mobilize the Blake 303 rig to the East Cameron 246 location within the next several days. Probe also has a drilling rig under contract to drill its South Timbalier 214 well which is currently expected to spud in mid September, 2008.
The Company along with its wholly owned subsidiary Probe Resources US Ltd. located in The Woodlands, Texas, is an oil and natural gas exploration and production company focused on generating, acquiring, developing, and operating drilling prospects within the Texas and Louisiana Outer Continental Shelf of the Gulf of Mexico.