PRESS RELEASE
Date: November 24, 2008
Information: Chester F. English
Investor Relations
Tel: (601) 713-4011
Fax: (601) 713-4013
E-mail: cenglish@columbiapetroleum.com
Website: www.columbiapetroleum.com
Columbia Petroleum LLC Provides Well Log Analysis - Nick Ross 24-11 #2
Columbia Petroleum LLC announces the well log analysis for its Nick Ross 24-11 #2 well in Little Cedar Creek Field, Conecuh County, Alabama. This well represents an extension of the Little Cedar Creek Field and is located adjacent to 4 successful drilling units already established in the field unit. The primary target of the well is the Smackover Limestone; this is the primary producing formation of the Little Cedar Creek Field and is known as a prolific oil producer throughout southern Alabama. Timothy W. Hurst - Chief Geologist for Columbia Petroleum, LLC analyzed the well log and his report is as follows:
The top of the Smackover was encountered at a log depth of 11,451 feet (11,273 feet subsea depth). Immediately below the formation top, a large gas show (2004 units) was observed in the mud log, indications that the upper portion of the Smackover is fully pressurized and of virgin character. Crossover of the density and neutron curves, indicating a strong concentration of hydrocarbons, was noted from 11,459’- 11,476’. Slight separations in the shallow and deep resistivity measurements throughout this zone imply that the probable pay is oil. Confirmed 84 oil shows at the mud log.
The formation then exhibits a notable tightening from 11,478’- 11,503’. A pullback in the gamma ray curve in the top eight feet of this zone is indicative of an anhydrite lamer. This anhydrite signature is characteristic of all well logs in the field and represents an impermeable barrier separating the Smackover into two independent acting reservoirs. Immediately below the anhydrite, extremely dense limestone is observed. This was also observed in the logs of the neighboring Midroc Tisdale 23-9 well, where it proved to be non-productive following perforation and multiple acidation treatments.
Below the tight zone, porosity increases and crossover of the density and neutron curve is observed again from 11,506’-11,508’ and 11,518’-11,532’. High resistivities and near-crossovers are present in the intervent 10’, implying that the entire range 11,506’-11,532’ is productive oil pay. Below the Smackover and extending to the well TD are a series of igneous and metamorphic conglomerates that form the Paleozoic basement, the original foundation strata of the region. Within this zone is a well developed sand formation with the concentrations of conglomerate inclusions. This sand is tentatively identified as the Norphlet Sandstone based on the concentration of orange sands reported in the drilling returns by the mudlogger. The absence of this sand in the Midroc Tisdale 24-3 well implies that it is the extreme updip portion of a sand lens extending and thickening to the south. Crossover of the density and neutrons curves was observed in this sand from 11,706’-11,716’. In combination with high resistivities, gamma ray and RNA indications, it is possible that this represents oil pay.
In summary, the following pay zones were identified by various logging techniques and tests:
Upper Smackover: 11,459’-11,476’ (27’ total) 200,000 barrels probable
Lower Smackover: 11,506’-11,532’ (26’ total) 400,000 barrels probable
Norphlet Sandstone: 11,706’-11,716’ (10’ total) 150,000 barrels possible
750,000 barrels Total Probable/Possible
Further results will be released upon completion of the well, now scheduled for the first week in December, 2008
Columbia Petroleum LLC is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company’s oil and gas assets and activity are concentrated primarily in Oklahoma, Mississippi, Alabama and Louisiana.
This press release includes statements, which may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital for development of mineral projects and other projects, acceptance of the Companies' products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Companies' periodic report filings with the "Securities and Exchange Commission". By making these forward-looking statements, the companies undertake no obligation to update these statements for revision or changes after the date of this release. There can be no assurance that the transactions discussed in this press release will be consummated.