Message #1 From:
NewsBot Date: April 8, 2008 08:40:27 PM
Pryme Sells Condor Project to BP
Together with its Joint Venture partner, Wave
Exploration Group LLC, Pryme (PINKSHEETS: POGLY) (ASX: PYM) has
successfully closed on the sale of the Condor Project to the premier
Tuscaloosa Trend operator, BP. Under the terms of the sale, Pryme received
a cash payment and overriding royalty interest in future potential wells
drilled on 1,069 net acres.
The Condor Project is located along the Tuscaloosa Trend in central
Louisiana. The Tuscaloosa Trend has recently experienced a resurgence in
deep exploration activity which has been led by BP/Amoco. The Condor
project area includes multiple Tuscaloosa targets that have historically
produced more than 100 Billion Cubic Feet (Bcf) of gas.
Wave believes that the area has deep potential similar to that explored at
Judge Digby Field by BP. Wells in that field have had initial daily gas
flows exceeding 40 million cubic feet at depths greater than 20,000 feet.
"We are delighted with this transaction and look forward to the
commencement of BP's deep drilling in the field," said Pryme's Managing
Director Justin Pettett. "This sale is a testament to our strategy with
Wave of generating projects through the evaluation and interpretation of
seismic data and acquiring strategic acreage."
For further information please contact:
Justin Pettett
Managing Director
Pryme Oil and Gas Limited
Telephone: +61 7 3371 1103
Email: justin@prymeoilandgas.com
Ryan Messer
President/COO
Pryme Oil and Gas Inc.
Telephone: +1 832 487 8607
Email: ryan@prymeoilandgas.com
