According to the company, the Humphreys field consists of two producing wells, a salt water disposal well, and production facilities.
Production from the two wells, the Breaux-1 and the Burnett-2, is declining, with current combined flowing rates of approximately 1.1 million cubic feet of gas per day and more than 2,500 barrels of salt water, said Petsec Energy.
The sale price for the company’s interest is $400,000 plus the assumption of its plugging and abandonment obligations. Petsec Energy owned a 51% net revenue interest in the Burnett-2 well and a 58% net revenue interest in the Breaux-1 well, and was the operator of both wells.
Petsec Energy is an independent oil and gas exploration and production company. It has operations in the shallow waters of the Gulf of Mexico, the onshore Louisiana Gulf Coast region of the USA, and oil in the shallow waters of the Beibu Gulf off the south coast of China.
