President Energy reports a successful new discovery well at East Lake Verret, Louisiana, and an increase in Group production from an average Q1 net production of 385 boepd to currently approximately 530 boepd prior to inclusion of the new East Lake Verret discovery.
At East Lake Verret, President was fully carried for the Eagle Crest exploration well. The well was a discovery and established a gross initial production in August of 492 bopd and 2,312 mcf of gas per day (total of approximately 875 boepd).
President has a gross overriding 3% royalty at Eagle Crest from start of production, and also a 12% Working Interest coming into effect following well pay out, which is expected to be mid-2015. President also manages the production handling from Eagle Crest through its controlled field facilities, generating additional income. It is expected the well will be brought on normalised production in the near future. Additional exploration prospects at both East Lake Verret and East White Lake are being evaluated.