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TriDimension Energy, LLC Announces $7 Million Acquisition Of Lake St. John Field
Friday, December 07, 2007
DALLAS – Dec. 7, 2007 – TriDimension Energy, LLC, a Dallas-based oil and gas company with operations in Texas, Louisiana, and Mississippi, today announced the $7 million acquisition of shallow rights for the Lake St. John Field, a former Exxon property. Discovered in 1942, the Lake St. John Field in the Concordia and Tensas Parishes on the eastern border of Louisiana has produced in excess of 50 million barrels of oil to date.
“Our research shows this historic field has numerous pay zones and offers an outstanding opportunity,” said James Ryan, COO of TriDimension Energy. “Over the years, low oil prices led to production declines and a majority of the Lake St. John wells being abandoned. We are
re-developing the field by restoring wells to production, and aggressively drilling new wells.”
With the acquisition, TriDimension Energy joins Denbury Resources Inc., the deep rights holder, who is currently preparing a tertiary oil recovery project at the Lake St. John Field using carbon dioxide flooding.
As of November 2007, TriDimension Energy has proven reserves approaching 6 million barrels of oil and 3 billion cubic feet of gas. The company, through its operating affiliate Axis Onshore, LLC, was the fourth largest oil producer in the Monroe District and No. 39 onshore oil producer in Louisiana with production in 2007 of 168,000 barrels from 90 wells.
About TriDimension EnergyTriDimension Energy is a Dallas-based oil and gas company with operations in Texas, Louisiana, and Mississippi. TriDimension has an 83 percent drilling success rate and proven reserves approaching 6 million barrels of oil and 3 billion cubic feet of gas. Committed to environmental stewardship, the State of Louisiana has granted TriDimension Energy development access to more state land than any other company. More information is available at
www.tridimensionenergy.com.
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