Meridian Petroleum (EPIC: MRP)

Assets and Key Events

The following assets and events are based on the "Activity Update" RNS released on 27th April 2006. Victory 1-21 (10% WI) Fluid is currently being removed from the well, however it is continuing to produce gas at a rate of 150 - 250 mcfgpd. The removal of fluid is expected to take between 30 - 45 days, following which production is anticipated to rise to approximately 1 mmcfpd. Calvin 36-1 (80% WI 67.5% NRI) The Calvin well had substantial gas shows (see "Calvin Well Commercial" RNS 24-01-06). The company has experienced some small hold ups in obtaining the appropriate personnel and equipment, and now anticipates completion and tie in within the next 30 days. Meridian is developing plans to re-enter the Calvin 5 # 31 well to test the Rodessa zone and potentially produce from either the Sligo Petit or Redessa zones. This should require minimal capital expenditure and is planned to commence after the completion of 36 # 1. Orion (100%) The company has recently signed a second 40 acre lease block with the land owner. Permitting is on going and drilling operations are set to begin at the end of the second quarter. Based on data from earlier wells, the asset is believed to contain around 2.7 billion cubic feet of recoverable gas (See "Orion Lease Signed" RNS 14-02-06). Milford 36 (25% WI) The company plans to utilize coiled tubing on the well bore and drill several lateral legs. Drilling activity is likely to commence towards the end of the second quarter. Hustler (80% WI) Meridian has acquired the Old South Royalty lease in the centre of a defined area for potential production from the Lower Tuscaloosa oil sands. In order to develop this position further, the company has commenced acquisition of seismic leases, with an option to drill in some 800 acres around the Old South Royalty lease. The company is finalising an agreement to shoot 3D seismic with a Houston based partner. Emery Hudson The company is currently reviewing the 3D seismic data with a view to a possible re-entry in the third quarter. Coal Bed Methane Meridian has identified a significant CBM project in the USA. The study is with the company's reserve engineers. Following the review, anticipated in the next few weeks, the company expects to lease an initial foot print in order to undertake a pilot project. Australia The company has conducted a detailed review. The analysis reported several distinct hydrocarbon indicators and two potentially significant reservoirs. The data and supporting study are being reviewed by Scott Pickford in the UK, and an opinion will be rendered shortly.

Research

You should always do your own research before investing in a company, and you should not rely on comments posted here or on other sites as a basis for your investment descisions. The following links may be useful: Meridian Petroleum Web Site     Recent company RNS announcements     Oil Barrel

REUTER'S ARTICLE...........Surprised that this Reuters article has not been suppressed or derided by the Bush government. Bad news for us all unless you hold shares in oil and gas companies. Maybe part of the reason for today's rally in oil/gas shares:-

http://money.cnn.com/2006/06/20/markets/oil_intl_outlook.reut/index.htm

Very good article on oilbarrel.com ...... well worth reading ..... other than the caveat that "the market always knows best" it does make me wonder why MRP did not rocket away yesterday following the (expected) good Calvin report.

I wonder whats going on here then.Maybee i am about to get my money back on this as well as BLVN.