Stone Energy reported prices realized during the second quarter of 2010 averaged $72.14 per barrel of oil and $5.46 per thousand cubic feet (Mcf) of natural gas, which represents a 7% decrease, on an Mcfe basis, over second quarter 2009. Average realized prices during the first six months of 2010 were $71.43 per Bbl of oil and $5.71 per Mcf of natural gas, representing a 1% decrease on a Mcfe basis compared to $63.01 per Bbl of oil and $6.73 per Mcf of natural gas realized during the first six months of 2009.
W&T Offshore completed the acquisition of all of the interest of Total E&P USA, Inc. in three federal offshore lease blocks located in the Gulf of Mexico with an effective date of January 1, 2010. The purchase price, after adjustments, was $116.6 million. The properties acquired from Total are producing interests with future development potential and include a 100% working interest in Mississippi Canyon 243 (Matterhorn) and a 64% working interest in Viosca Knoll 822 and 823 (Virgo). The reserves acquired were estimated as 64% oil and 36% natural gas.
ATP Oil & Gas reported production for the second quarter 2010 averaged 21.3 mmbbls/day, an increase of 24% from the comparable quarter in 2009 and a 29% increase from the first quarter of 2010. The increase was driven primarily from the first well at ATP’s Telemark Hub which was placed on production and new wells in the company’s Canyon Express Hub placed on production in March.
McMoRan Exploration Company announced that the Blueberry Hill #9 STK 1 well, located on La SL 340 in 10 feet of water, has been drilled to TVD of 23,630 feet. Logs indicate a possible hydrocarbon bearing zone in a high quality sand measuring 105 feet. McMoRan owns a 42.9% working interest and Plains Exploration & Production Company holds a 47.9% working interest.