HOUSTON, TEXAS (December 2006) – Quintana Capital Group, L.P. today announced that Quintana Energy Partners, L.P. and its affiliated partnerships (collectively, "Quintana") joined the Eaglewood Area Participation Agreement (the “Prospect” or “Eaglewood Project”), an exploration drilling program managed by Cypress E&P Corporation.
Based in Austin, Texas, Cypress E&P Corporation (“Cypress”) is an oil and gas exploration and production company formed in 1984 by two principals, Robert W. Beardsley and Larry E. Cochran. Both began their careers with Shell Oil Company and have more than 30 years experience in engineering and exploration disciplines. Currently, Cypress is generating and drilling prospects primarily in the deep, highly pressured Wilcox trend of the Texas Gulf Coast. These wells are in the 10,000' to 17,500' depth range and are targeting 3D, AVO, and velocity-based prospects. Quintana is involved as a 10% working interest owner in the Prospect’s area. The Eaglewood Project includes 700 square miles of land in both Fort Bend and Wharton Counties, Texas covered by 3D seismic surveys acquired from Seitel. Under the Prospect, Cypress and its partners plan to utilize this 3D data set to identify and drill exploration prospects targeting the Wilcox, Cook Mountain, and Yegua formations.
Bob Beardsley stated, “We are pleased to have Quintana join as a working interest partner, not only does Quintana bring capital but also a technical team who appreciates our comprehensive approach and can support through its own geological, geophysical and engineering assessments.”
“Cypress has a deep and talented staff,” said Brock Morris, Managing Director of Quintana. “Bob and Larry have an established track record in the trend. Through the Prospect’s first three ready to drill locations, Quintana gains exposure to more than 1,100 BCF (47 BCFE net to Quintana) in potential resources, which will lead to lower risk development drilling should the exploration wells encounter hydrocarbon accumulations.”
Certain statements in this press release include statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," "plan," "should" or similar expressions. These statements are made pursuant to the safe harbor provisions 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.
Contact for Cypress E&P Corporation: Bob Beardsley
281-955-8595
Contact for Quintana Capital Group, L.P.: Loren Soetenga Chief Operating Officer 713-751-7527
