Bayou Bend Petroleum Ltd. today said it has made a gas condensate discovery on its Eagle's Nest prospect in the Marsh Island project in Eugene Island Block 6 in Iberia Parish. The prospect was jointly drilled with Contango Operators Inc. through Bayou Bend's joint exploration agreement.
Bayou Bend Petroleum Ltd. today announced it has agreed to sell its assets to a private Houston company for $18 million. The company, which has offices in New Orleans and Vancouver, British Columbia, and focuses on the shallow water area of the Gulf of Mexico, said it will hold a special meeting of shareholders April 15 to approve the transaction. The sale of "substantially all" of Bayou Bend's assets is expected to close by the end of April.
Amid discouraging drilling results, Bayou Bend Petroleum Ltd. is considering a variety of options including putting itself up for sale. We are set up to be a high-risk, high-reward exploration company and our one major asset where we were looking at the high upside reward to date has not generated the type of return that we hoped for," said company President Clint Coldren, referring to the Marsh Island area of the Gulf of Mexico.
Bayou Bend Petroleum Ltd. on Wednesday updated progress on its Gulf of Mexico drilling activities. The company said its Mount Moran North well, in which it has a 12.45 percent working interest and which is being operated by Contango Operators, is at a depth of 9,605 feet with a target depth of 17,000 feet.
Bayou Bend Petroleum Ltd. said today it plans to spend $47 million on drilling up to 12 exploration wells as part of its 2008 program. The company plans to focus on Marsh Island, where it will operate three wells. Bayou Bend said its partners are proposing as many as six wells in the area.
Bayou Bend Petroleum Ltd. on Wednesday announced the first production from its Marsh Island project in state waters in the Gulf of Mexico. The Greylock well, in which the company owns a 54.5 percent interest, began production June 8, Bayou Bend reported. The well is the first drill in the company's multi-well program.
Bayou Bend Petroleum Ltd. has begun drilling the Broussard Estes No. 1 well about 26 miles northwest of the company's Marsh Island project in Iberia Parish. Lafayette-based PetroQuest Energy is drilling and operating the well.
Clint Coldren's retirement was short-lived. Less than a year after the founder of two New Orleans-based independent oil companies sold his shares of Coldren Oil and Gas Co. LP to relax and renovate his New Orleans home, the 52-year-old Coldren is back at the helm of a new startup, Bayou Bend Petroleum Ltd.
Bayou Bend Petroleum Ltd. today provided an update on its production and exploration activities in the Gulf of Mexico. - South Timbalier 49: The Smoothe Prospect has experienced delays because of hurricanes Gustav and Ike. Crews are returning to the site to resume operations. Plans are for the well to be 19,325 feet deep by early December. Bayou Bend has a 33 percent working interest in the well, and Mariner Energy Inc. is the operator.
Bayou Bend Petroleum Ltd. today announced it has hired Canaccord Adams Inc. of Houston as a financial adviser to assist in review of available strategic and financial alternatives.
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