Mar. 01 - Murphy Announces Drilling Success in Ladyfern

Source Press Release
Company Apache CorporationMurphy Oil Corporation 
Tags Upstream Activities, Strategy - Upstream
Date March 22, 2001

Murphy Oil Corporation announced that it has drilled 12 wells this winter in the Ladyfern area of western Canada, with a 100% success rate. An additional well has been suspended at intermediate casing point and will be completed next year. The drilling confirms the presence of a continuous gas-charged Slave Point reef, largely underlying lands held by Murphy and its co-venturer Apache Canada. Current estimates indicate recoverable natural gas reserves exceeding 300 billion cubic feet. Further testing and production data will be required to improve the quality of this estimate.

Total Murphy natural gas production in Canada is currently forecasted to reach a Company record 175 MMCFPD, net of royalty, by mid-second quarter, up from current levels of 115 MMCFPD. At the same time, total Murphy North American natural gas production is expected to reach levels in excess of 300 MMCFPD.

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