Louisiana East Lake Verret (“ELV”) field
Interests in the ELV field were originally acquired by Meridian Petroleum in July 2008. It is located in shallow, inland waters in Assumption Parish, 35 miles south of Baton Rouge in Louisiana and was originally discovered by Humble (now Exxon) in 1952.
The field produces both light sweet crude oil and natural gas from two above water wells, one of which is the Simmons well and the other of which is the Triche well.
Both have upside potential from further drilling.
Net Revenue Interests are respectively approx 33% and 49.5% for these two wells with additional income arising from the Triche use of field processing facilities owned wholly by President.
Jefferson Island Field, Lake Peigneur
Interest in Jefferson Island License were acquired by Meridian Petroleum in October 2018. Lake Peigneur is located close to Meridian’s ELV field. This low risk high reward opportunity was formerly owned by Continental Resources, Oklahoma and comprises of a 693 acre production block.
Jefferson Island, with currently plugged and abandoned wells, is one of five famous salt dome islands in South Louisiana and has in the past been a prolific oil producer having first produced oil some 90 years ago. Salt domes contain an abundance and a variety of traps created by salt movement and the association with evaporite minerals that can provide excellent sealing capabilities.
President and its partners take the view that there remains significant undrained low risk potential in this sizable area with the first stage to reprocess with the latest technology some 36 square miles of 3D seismic previously acquired over the Island.
Meridian holds a 20% operated interest in the Jefferson Island Field.