HOUSTON--July 30, 2001--Benton Oil and Gas Company (NYSE:BNO) today confirmed commencement of oil production from the first development well in the South Tarasovskoye Field drilled by Geoilbent, Benton's 34 percent owned Russian company.
The well, drilled to a total depth of 9,535 feet, encountered a 365 foot gross oil column in multiple productive intervals, and established first production from the Geoilbent 100 percent owned Urabor Yakhinsky Block in Western Siberia, Russia. The well is currently producing approximately 1,000 barrels per day of 40 degrees API of oil with no water. The initial discovery and production from this field came from the adjacent Purneftegas acreage in May of this year. Geoilbent has two rigs currently drilling development wells to further accelerate production from the field.
An exploratory appraisal well, two kilometers to the west of the producing well, is currently underway in the Urabor Yakhinsky Block to determine the size and commercial significance of the field. Benton's President and Chief Executive Officer, Dr. Peter J. Hill, said, "We are excited with the success of this well and with Geoilbent's plans to rapidly develop the South Tarasovskoye Field. The well flow rate of 1,000 barrels of oil per day, is four to five times higher than production rates from other fields in this general area. We believe this field could add significant, high quality reserves and cash flow to the Company's Russian portfolio."
Benton Oil and Gas Company, headquartered in Houston, Texas, is an independent oil and gas exploration and development company with principal operations in Venezuela and Russia.
