Meridian Petroleum signs Orion field lease
LONDON (AFX) - Meridian Petroleum PLC, the oil and gas company with key
assets in the US and Australia, said it has signed a lease on the Orion field,
100 pct working interest, in Oakland County, Michigan.
The company said, based on data from earlier wells, the lease contains a
proven and probable shut in reserve of 3 BCF of gas in place with approximately
2.7 BCF recoverable. The gas content is pipeline quality after treatment and
also contains condensate.
It added it expects to begin drilling operations early in the second quarter
of this year.

Meridian Petroleum (AIM: MRP), the oil & gas company with key assets in the USA
and Australia, announced on 24 January that its Calvin 36-1 well on the Calvin
Field, Winn Parish Louisiana (80% WI), had encountered a substantial gas show in
the Sligo Petit Zone. The well was flowed on a limited open hole test with a
25/64 inch choke in excess of 1mmcfpd.



Based upon the analysis of previous production data from the Sligo Petit Zone,
the Company anticipates the following break down of the gas and condensate mix -
Carbon Dioxide 3.14% to 11.66%, Nitrogen 3.75% to 5.28%, Methane 76.97% to
83.11% and Propane 0.95% to 2.36%.



Due to the default and non consent of the original owner of the Calvin lease,
Meridian's Net Revenue Interest will increase to 67.75% from 60% until a
significant financial penalty is paid through the increased production revenue.



Meridian is moving ahead as quickly as possible to complete the well and
commence production into the nearby pipeline.





Anthony Mason, Chief Executive of Meridian said:



"We are very pleased with the likely rich condensate content of the Calvin well
which will enhance our revenue from the field. While unfortunate, the previous
lease owners default increases Meridian's revenue share enabling costs to be
recovered more quickly."

30days up.. expect news this afternoon from USA on calvin

WHY DO WE NEED 2 MRP THREADS RUNNING AT THE SAME TIME????

cause its fun???

or maybe big news is expected

it's also a pain!

OK NEWS ON WAY... AND IMMINENT... AND THIS TIME ITS IMMINENT, NIT IMMINENT LIKE LAST TIME BUT REALLY IMMINENT, LIKE TOMORROW OR EVEN TODAY BUT LATEST TOMORROW

spare me!!!!!!!!!!!!!!!!!!!!!!!

:-)

:-)

TAKEN FROM iii.............. MRP.L KeenEye
Er.. Email Quite real. His response was to certain questions put to him in my email. Those who wish to "guess" whether results will be good or bad is certainly up to you. I remain very confident in good results- IMHO

Enclosed please find complete contents in my email.. Those of you may continue to laugh if it pleases you.

Regards

********* ************ ***********
Tony Mason [tony.mason@meridianpetroleum.com] Add Contacts
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Date: 16-Jun-2006 12:57
To: < ********@vodafone.ie>
Cc:
Subject: RE: Meridian Progress

Thank you for your note. News on all of the subjects listed will be forthcoming very shortly. Suffice to say the news is positive and we are in good order going forward.

Anthony J. Mason,

CEO Meridian Petroleum PLC
Meridian Resources, USA, Inc
Meridian Resources Australia, Pty
(T) 713-599-1611
(C) 713-201-6883
(F) 713-552-1641


--------------------------------------------------------------------------------
From: ******@vodafone.ie
Sent: Fri 6/16/2006 06:46
To: Tony Mason
Subject: Meridian Progress




Re: Meridian Progress

Dear Tony,

Firstly, I hope I am not disturbing you too much as I imagine you must
be quite busy. I am based in Ireland and I have a large holding in
Meridian Petroleum.
I await a progress report regards Calvin and I hope all is going well
for those involved. Would you have a approximate date for the release
of this Calvin progress report and an indication of its current status.

Also, in your own opinion, which of the company's future projects do
you most look forward to.
I wish you & the company the very best in the long term.

Regards,


***** ******.