SOURCE: Pryme Oil and Gas Limited

February 25, 2008 05:28 ET

Pryme Sells Condor Project to BP

HOUSTON, TX--(Marketwire - February 25, 2008) - Together with its Joint Venture partner, Wave Exploration Group LLC, Pryme (PINKSHEETS: POGLY) (ASX: PYM) has successfully closed on the sale of the Condor Project to the premier Tuscaloosa Trend operator, BP. Under the terms of the sale, Pryme received a cash payment and overriding royalty interest in future potential wells drilled on 1,069 net acres.

The Condor Project is located along the Tuscaloosa Trend in central Louisiana. The Tuscaloosa Trend has recently experienced a resurgence in deep exploration activity which has been led by BP/Amoco. The Condor project area includes multiple Tuscaloosa targets that have historically produced more than 100 Billion Cubic Feet (Bcf) of gas.

Wave believes that the area has deep potential similar to that explored at Judge Digby Field by BP. Wells in that field have had initial daily gas flows exceeding 40 million cubic feet at depths greater than 20,000 feet.

"We are delighted with this transaction and look forward to the commencement of BP's deep drilling in the field," said Pryme's Managing Director Justin Pettett. "This sale is a testament to our strategy with Wave of generating projects through the evaluation and interpretation of seismic data and acquiring strategic acreage."

Contact Information

  • For further information please contact:

    Justin Pettett
    Managing Director
    Pryme Oil and Gas Limited
    Telephone: +61 7 3371 1103
    Email: justin@prymeoilandgas.com

    Ryan Messer
    President/COO
    Pryme Oil and Gas Inc.
    Telephone: +1 832 487 8607
    Email: ryan@prymeoilandgas.com