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Copper Tip Energy

Upstream Exploration Announces Successful Recompletion, Total Company Production Reaches New Milestone

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These translations are done via Google Translate

METAIRIE, La., April 18, 2019 (GLOBE NEWSWIRE) — Upstream Exploration LLC (“Upstream” or the “Company”) a privately-held independent oil and gas exploration and production company, announced a successful well recompletion in Breton Sound Block 31 Field located in Plaquemines Parish, Louisiana.  The well, referred to as the Pegasus, was successfully recompleted uphole to the geopressured Middle Miocene age Cris I-4 sand in late January 2019. The well initially flowed approximately 884 gross barrels of oil per day (BOPD) and 7.3 million cubic feet of gas per day (MMCFD), with very little water on a 24/64 inch choke with a flowing tubing pressure of 10,700 psi. The well was originally drilled in 2015 to a total vertical depth of 17,322 feet. Upstream has produced over 82,000 barrels of oil and 700 million cubic feet of gas from this recompletion through April 1, 2019. The well is currently producing at approximately 1,775 BOPD and 12.1 MMCFD. Upstream is the operator with a 100% working interest in the well.

Upstream was the successful high bidder on over 450 acres at the Louisiana State leases sale held on November 14, 2018. This new acreage is in Breton Sound Block 33 and is located adjacent to the block where the Pegasus well is located.

Michael Willis, Upstream’s President, commented “We are very pleased with our continued operational successes. The Pegasus well is truly a prolific recompletion that has boosted our total Company production to over 7,600 barrels of oil equivalent per day. We continue to generate strong operational cash flow and are funding all of our development and exploration opportunities through internally generated cash flow. With a strong and debt free balance sheet, increasing production and pricing, we are well positioned to apply our differentiated expertise to access significant resource potential in our prospects.”

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About Upstream Exploration

Upstream Exploration is a privately held, independent oil and gas exploration and production company focused on the exploration, exploitation and development of oil and gas properties, primarily in the shallow waters of the Gulf of Mexico and along the U.S. Gulf Coast.  The Company is headquartered in Metairie Louisiana and has approximately 20 total employees in its headquarters and field locations.

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