Bullseye Prospect
Verus Investments has a 10% working interest in the Bullseye Prospect, an area of 1700 acres onshore close to the Louisiana coast.
The first well on the Bullseye Prospect, Jumonville #1, spudded in April 2008 and was put on production in September 2008 in the Miogyp reservoir. Jumonville #2 in the Miogyp reservoir was completed in June, 2009.
The two producing Jumonville wells produce about 250 barrels of oil and 300,000 cubic feet of gas per day and the Acosta #1 well was converted into a water disposal well.
Production from both Jumonville wells is reaching its economic limit and it is anticipated that J1 may be suspended in the first quarter of 2012 and J2 suspended by mid-year. Once J1 is declared non-commercial, the partners plan to abandon the lower perforated interval and perforate higher up the well in the Camerina interval.
The Camerina Sand was intersected by all three wells and has potential for hydrocarbons Camerina is shallower than the Miogyp formation and is a proven producer in the general area with estimated resources of 2.2-7.1 million barrels of oil and 2 to 7 billion cubic feet of natural gas but the extent of the reservoir remains unknown. It will be tested to determine the commercial viability of this interval. It is estimated to contain 2.2 to 7.1 million barrels of oil 2 to 7bcf of gas. Verus and partners will prepare a plan to abandon lower perforations in J1 and test the Camerina during the March 2012 quarter.
The Jumonville #2 well also logged a shallower reservoir, Marg Varg. The Marg Varg formation is a proven producer in the general area but the distribution of the reservoir at this stage is not well defined as the depth of the oil-water contact is unknown.