Pryme Intersects Oil, Natural Gas Fractures at Turner Bayou Chalk Project

Pryme Energy disclosed Tuesday that the Rosewood Plantation 21H No.1 well has reached a total measured depth of 19,168 feet and has intersected a significant oil and gas bearing fracture system.

Green oil is being produced back to surface with the drilling mud and a 30 to 40 foot high natural gas flare is burning. The planned total depth of the well is 20,310 feet.

"While it has been good to see the intersection of multiple fractures to date, it is very encouraging tointersect something of significance as we did today," Pryme's Managing Director Justin Pettett said in a statement.

"Drilling has taken longer than originally planned and we remain focused on the importance of a positive result from this well and the impact it will have on the value of Pryme. We look forward to flow testing the well later this month," Pettett added.

The Turner Bayou project comprises approximately 80 square miles which have been imaged by a proprietary 3D seismic survey. Pryme has a 40 percent working interest in 25,029 acres in the Turner Bayou project and is initially targeting development of the Austin Chalk horizon. In addition to the Austin Chalk potential of the Turner Bayou project area, exploration drilling within Pryme's Turner Bayou leases has intersected the Tuscaloosa Marine Shale which is analogous to the prolific Eagle Ford Shale in South Texas.

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