Feb 2, 2006 9:00:00 AM
TransAmerican Energy Plans New Completion on Well in Beauregard
Parish
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 2, 2006) -
Mr. Ron
Hughes,
President and Director for TransAmerican Energy Inc. (TSX VENTURE:TAE) ("the
Company") announced today that recent tests have confirmed the production as
reported in news of the acquisition of three wells in Beauregard Parish, La.
(see news release dated October 26, 2005). From Company tests, the three wells
flow a combined 32 barrels of oil per day, together with approximately 120
barrels of water per day. Since purchasing interest in this field, the Company
has sold approximately 1500 barrels of oil at an average of $60 per barrel.
In further news, the Company announced that it has recently acquired land title
to three acres on which a salt water disposal well is situated and is in the
process of securing a permit to allow injection of the salt water in the field.
Injection of water in the field will lower operating expenditures as trucking
and disposal fees to a commercial salt water disposal well will no longer be
necessary.
Geological studies by Gilbert Talafuse Petroleum Geologist, have further
resulted in a recommendation to recomplete one of the wells in an apparent
virgin formation above the current perforations. According to the studies, this
formation could yield 150,000 barrels of recoverable oil in this one well from
this formation alone. Other evidence indicates that there may be additional
productive formations in all of the wells. Studies are continuing to evaluate
all potential productive zones. Based on the above referenced recommendations,
the Company has engaged a workover rig to commence work on the well later this
month.
The reserve data disclosed, while generally accepted by the Company's
management, that information may not be in compliance with NI 51-101 standards
of disclosure for oil and gas activities, and therefore should not be relied on
to ascertain the ultimate reserves that may or may not be produced in the well.
ON BEHALF OF THE BOARD
Ron Hughes, President
FOR FURTHER INFORMATION PLEASE CONTACT:
TransAmerican Energy Inc.
Ron Hughes
President
(604) 718-2800
Fax: (604) 718-2808
