Regional Oil & Gas Intelligence April 18, 2017 Serving the local market with drilling activity, permits & deals for sale Volume 04, No. 06 DJ BASIN NONOP ASSET SALE ~3,800-Net Acres. 7-Producing Wells. ADAMS & WELD CO., CO PP NONOPERATED WI AVAILABLE 940 Net Production: 940 BOED (70% Oil) BOED AGENT WANTS OFFERS EARLY MAY 17 PP 2351DV CARBON CO., WY ASSETS SALE 105-Producing Wells. 19,637-Net Acres. ATLANTIC RIM - COAL BED METHANE CHAPTER 11 BANKRUPTCY PP Varying Operated & NonOperated WI Net Prod: 9.5 MMCFD BANKRUPTCY Total Proved Reserves: 45.1 BCFE PP 2709DV NORTH DAKOTA DEVELOPMENT MIDALE PLAY (HZ Application) NonOperated WI For Sale L Operated Acreage Also Available L 9010PP DEALS FOR SALE W ESTERN S COUT PRB Compares Favorably to Delaware Basin Key Points Over 4,000’ gross column in both the Powder River and Delaware Basins Both basins have ~10 targets with opportunity to stack multiple wells within certain formations The Powder River Basin is generating favorable returns even without widespread use of enhanced completions and realization of cost savings through efficiences Powder River Basin Delaware Basin Over-Pressured √ √ Depth √ √ Significant OOIP √ √ Conventional Targets √ √ Unconventional Targets √ √ High % Oil √ √ Large Hydrocarbon Column √ √ A Teapot Parkman Sussex Shannon Niobrara Marl Niobrara Chalk Frontier/Turner Third Bench Mowry Frontier/Turner First Bench Steele Gammon Bentonite Powder River Basin Brushy Canyon Avalon 1st Bone Sand 1st Bone Shale 2nd Bone Sand 2nd Bone Shale 3rd Bone Sand XY Sands Wolfcamp A Upper Wolfcamp B Lower Wolfcamp B Delaware Basin Source: Samson Resources March 28, 2017 presentation via PLS docFinder (www.plsx.com/finder) Regional Activity (State Data) Permits Issued (03/18/17 - 04/11/17) Compls Permits California – 72 Colorado 71 246 Nevada – – NW New Mexico – 5 Utah 4 17 Wyoming 13 411 TOTAL 88 751 Most Active Operators by Permits ➊ EOG Resources 152 ➋ Ultra Resources 43 ➌ Anschutz Oil & Whiting 42 Permits by Formation (by Last Scout) Formation 04/18 03/28 03/07 Niobrara 266 213 344 Codell 92 57 158 Turner 48 15 64 Frontier 46 48 52 Lance 43 30 9 Mowry 35 29 23 Iles 33 20 – Williams Fork-Iles 25 1 – Kern River 23 20 30 Other Formations 140 297 262 TOTAL 751 730 942 Sources: COGCC, DOGGR, NDOM NV, NMOCD, UDOGM & WOGCC Active Rigs Running (Baker Hughes) 66 237 Total Chesapeake flows over 2,300 boe/d from 1st Turner well Results are in from Chesapeake’s first well in a revived Powder River Basin program. The Turner well IP’d at 2,325 boe/d (78% oil), sporting a 7,100-ft lateral. Chesapeake says it has confirmed great rock quality and higher pressure. The company estimates EUR of 1.35 MMboe with single-well ROR of 75%. More than 300 drilling locations are anticipated in the Turner assuming 2,640-ft spacing. Chesapeake pegs breakeven at $35/bbl. Coming up, Chesapeake is completing its second Turner well and first Parkman well. Drilling is underway in the Mowry. For the Sussex, Chesapeake is moving into development mode with a 15-25-well drilling plan and 15-25 wells coming online this year. First production from multi-well pads is expected in 3Q17. Laterals will average 8,100 ft. Breakeven in the Mowry is estimated at less than $40/bbl. Massif’s Turner pair in NE PRB extension flow ~1,000 boepd Count privately held Massif Oil & Gas among the companies driving increased Powder River Basin activity. CFO Scott Sheehan reports that the company has flowed two strong Turner horizontal wells in the northeast extension of the core, kicked off a five- well spring campaign and will run a rig through summer. Completed in October, the Chimney Cone 34-34 TH had a peak 30-day IP of 992 boe/d (89% liquids). Cumulative production over the first 90 days totaled 74,000 boe. The well’s lateral was 4,032 ft, and it was completed with 1,558 lb per foot of proppant. The second well sports a slightly longer lateral at 4,171 ft, and it was completed in February with 1,518 lb of proppant per foot. The well’s peak IP-30 was 1,034 boe/d. Massif began a five-well spring drilling program in March to continue Turner delineation and to test the Parkman formation in the northeast extension, according to CFO Scott Sheehan. Chesapeake’s 2nd Turner well upcoming, developing Sussex, too. Continues On Pg 20
28
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Regional Oil & Gas Intelligence April 18, 2017
Serving the local market with drilling activity, permits & deals for sale Volume 04, No. 06
DJ BASIN NONOP ASSET SALE~3,800-Net Acres. 7-Producing Wells.ADAMS & WELD CO., CO PPNONOPERATED WI AVAILABLE 940Net Production: 940 BOED (70% Oil) BOEDAGENT WANTS OFFERS EARLY MAY 17PP 2351DV
NORTH DAKOTA DEVELOPMENTMIDALE PLAY (HZ Application) NonOperated WI For Sale LOperated Acreage Also Available
L 9010PP
DEALS FOR SALE
WESTERN SCOUT
PRB Compares Favorably to Delaware Basin Key Points� Over 4,000’ gross column in both the
Powder River and Delaware Basins� Both basins have ~10 targets with
opportunity to stack multiple wells within certain formations
� The Powder River Basin is generating favorable returns even without widespread use of enhanced completions and realization of cost savings through e�ciences
PowderRiver Basin
DelawareBasin
Over-Pressured √ √
Depth √ √
Signi�cant OOIP √ √
Conventional Targets √ √
Unconventional Targets √ √
High % Oil √ √
Large Hydrocarbon Column
√ √
ATeapot
Parkman
Sussex
Shannon
NiobraraMarl
NiobraraChalk
Frontier/TurnerThird Bench
Mowry
Frontier/TurnerFirst Bench
Steele
GammonBentonite
Powder River BasinPowder River Basin
BrushyCanyon
Avalon
1st Bone Sand
1st BoneShale
2nd BoneSand
2nd BoneShale
3rd BoneSand
XY SandsWolfcamp
AUpper
Wolfcamp B
LowerWolfcamp B
Delaware BasinDelaware Basin
Source: Samson Resources March 28, 2017 presentation via PLS docFinder (www.plsx.com/finder)
Chesapeake flows over 2,300 boe/d from 1st Turner wellResults are in from Chesapeake’s
first well in a revived Powder River Basin program. The Turner well IP’d at 2,325 boe/d (78% oil), sporting a 7,100-ft lateral. Chesapeake says it has confirmed great rock quality and higher pressure. The company estimates EUR of 1.35 MMboe with single-well ROR of 75%. More than 300 drilling locations are anticipated in the Turner assuming 2,640-ft spacing. Chesapeake pegs breakeven at $35/bbl.
Coming up, Chesapeake is completing its second Turner well and first Parkman well. Drilling is underway in the Mowry. For the Sussex, Chesapeake is moving into development mode with a 15-25-well
drilling plan and 15-25 wells coming online this year. First production from multi-well pads is expected in 3Q17. Laterals will average 8,100 ft. Breakeven in the Mowry is estimated at less than $40/bbl.
Massif’s Turner pair in NE PRB extension flow ~1,000 boepdCount privately held Massif Oil & Gas
among the companies driving increased Powder River Basin activity. CFO Scott Sheehan reports that the company has flowed two strong Turner horizontal wells in the northeast extension of the core, kicked off a five-well spring campaign and will run a rig through summer.
Completed in October, the Chimney Cone 34-34 TH had a peak 30-day IP of 992 boe/d (89% liquids). Cumulative
production over the first 90 days totaled 74,000 boe. The well’s lateral was 4,032 ft, and it was completed with 1,558 lb per foot of proppant. The second well sports a slightly longer lateral at 4,171 ft, and it was completed in February with 1,518 lb of proppant per foot. The well’s peak IP-30 was 1,034 boe/d.
Massif began a five-well spring drilling program in March to continue Turner delineation and to test the Parkman formation in the northeast extension, according to CFO Scott Sheehan.
Chesapeake’s 2nd Turner well upcoming, developing Sussex, too.
California Resources filed a permit for Kettleman North Dome field in Kings County, Calif. See page 5.
The Western Scout, published every three weeks, includes stories and graphics highlighting local drilling activity, discoveries, new developments plus stats on drilling permits, completions and P&A activity for the Western US including California and Nevada and the Southern Rockies including Colorado, NW Nebraska, Wyoming, Utah and Four Corners.
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Regional Scouts
Ballard Petroleum filed three Wildcat permits for Campbell County, Wyo. See page 19.
Axia Energy filed two permits for Bluebell field in Uintah County, Utah. See page 18.
Bonanza Creek Energy filed four permits for Wattenberg field in Weld County, Colo. See page 11.
WESTERN 2 Legend ⊞ Field/Formation ' Oil * Gas Õ CBM 9 Plugged Oil % Plugged Gas
ª Dry Hole 6 Injection ° Water Supply O Observation 8 SWD è Service
Operator Index Permits Pg(s)
Merit Energy 2 26-27
NB Resources Inc 1 6
Noble Energy 16 14-15
Pacific Coast Energy 3 6
PDC Energy 37 15-16
Peak Powder River Res 18 20
Petro-Hunt LLC 6 20
Prospect Energy 1 10
Resolute Natural Res 4 18
Samson Resources 3 24
SM Energy 1 24
Southern California Gas 3 5
Southland Royalty Co 1 27
St. Croix Operating – 11
SWN Production 1 11
TEP Rocky Mountain LLC 23 7-9, 11
THUMS Long Beach Co 1 6
Tidelands Oil 2 6
TRC Operating 1 5
Ultra Resources 43 26-27
Ursa Operating 8 10-11
Vanguard Operating 10 10
Verdad O&G – 16
Vermilion Energy 1 26
Wave Petroleum 1 24
Whiting O&G 42 16
Wold Energy 39 20, 24
Operator Index Permits Pg(s)
Aera Energy 12 4
Anadarko E&P 40 20, 25
Anschutz Oil 42 19, 22, 24
Axia Energy 10 18
Ballard Petroleum 3 19
Bonanza Creek Energy 4 11
BP America 8 10, 27
Breitburn Operating 1 4
Burlington Resources 4 6
California Resources 10 4-6
Chesapeake 18 22
Chevron 33 4-6, 11
Crescent Point Energy 2 18
Crestone Peak Resources 12 11
Devon Energy 7 19, 23
Encana O&G 6 7, 18
Enerplus Resources 12 12
EOG Resources 164 19, 23-25
EP Energy E&P 1 18
ERG Operating 3 6
Expedition Water Solut. – 12
Extraction O&G 17 10, 12
FDL Operating – 26
FH Petroleum 16 25
Finley Resources – 18
Great Western Op 3 12
Greenleaf Env't Svcs LLC – 11
GRMR O&G 1 11
Highlands Natural Res 4 6
Holmes Western Oil 1 5
HRM Resources 20 6
INNEX California Inc 1 5
Jonah Energy 1 26
Kerr McGee O&G 10 12
Laramie Energy 16 11
MCL 1 O&G 1 19
Continues On Next Column
Regional Highlights
• Chesapeake completed the top well of the issue—a Niobrara well at Wildcat field in Converse County, Wyoming. The Combs Ranch #7-33-70 USA B 5H flowed 908 boe/d (55% oil) on a 22/64-in. choke. The well sports a 9,400-ft lateral and was completed with 12.6 million lb of proppant. • EOG tested a strong, oily Turner well at Wildcat field in Campbell County, Wyo. The Cousins Federal Com #23TH tested at 777 boe/d (92% oil) on an 18/64-in. choke. The lateral is 4,460 ft, and the well was completed with 4.0 million lb of proppant.• TEP Rocky Mountain completed a Niobrara gas well at Grand Valley field in Garfield County, Colorado. The Federal GM #702RD-4-HN flowed 4.5 MMcf/d on a 16/64-in. choke, featuring a 7,000-ft lateral. • Devon is another company returning to the Powder River Basin this year. Initial results are expected in the Q1 release. It is targeting the Parkman, Teapot and Turner formations. Devon has improved LOE over 50% • Total E&P USA Oil Shale has left its JV with Utah-based Red Leaf Resources. The 10,000 bo/d project at Seep Ridge was to be the first commercial project of EcoShale technology. The JV was formed in spring 2012. Red Leaf is considering options for Seep Ridge, which is estimated to contain 120 MMbo. • Synergy is now SRC Energy. The company quietly added $25 million worth of acreage in Wattenberg field in January. According to Seaport, management sees its peers’ pivot to the Permian Basin as a signal that additional opportunities lie ahead.• Hilcorp is acquiring ConocoPhillips’ San Juan Basin assets in a deal worth $3.0 billion. The assets produced 124,000 boe/d last year. The position is 1.3 million acres, including 900,000 net acres of unconventional lease rights. It adds a new operating position for Hilcorp, which holds Gulf Coast and Alaska positions.
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April 18, 2017 (Data thru 04/11/17) 3 DRILLING & EXPLORATION
8B (H5SE). 05-045-23501. Mamm Creek Field. Williams Fork-Iles. Dir. Gas. 1394’ FNL & 1040’ FEL of Sec 5-8S-92W; PBHL 1560’ FNL & 890’ FEL of Sec 5. 907 Acres. Issued 04/05/17.
TEP Rocky Mountain LLC. 31 Completions, 2 Permits.
⊞ Grand Valley Field (Niobrara) * Completion. Federal GM #702RD-4-HN.
05-045-22461. HZ. Gas. Completed 10/20/16. Orig Permit 07/24/14. 1407’ FNL & 2386’ FEL of Sec 4-7S-96W; BHL 2099’ FNL & 1517’ FEL of Sec 9. Spud 12/31/14. TD 17,000’. TVD 9,934’. Form Rec: Wasatch G 1709’, Fort Union 2009’, Mesaverde 3229’, Ohio Creek 3229’, Williams Fork 3457’, Cameo 5762’, Rollins 6294’, Cozzette 6571’, Corcorcan 6831’, Sego 7001’, Mancos B 8653’ & Niobrara 9986’. Surf Casing 13.375” to 2455’, Int Casing 9.625” to 9509’ & Prod Casing 5.5” to 16972’. Perf’d 10650’-16702’. PBTD 16,923’. Choke 16/64-in. FTP 2,630 PSI. CP 5,828 PSI. Flowed 4,532 Mcf/d. 24 Stgs. 275,693 Bbls Fld 1,202 Bbls Acd 274,491 Bbls Frsh Wtr 7,376,427 Lbs Prop’t.
⊞ Grand Valley Field (Williams Fork-Cameo) * Completion. Federal GM #322-9. 05-045-
22531. Dir. Gas. Completed 09/15/16. Orig Permit 10/29/14. 675’ FNL & 558’ FWL of Sec 9-7S-96W; BHL 1686’ FNL & 1950’ FWL of Sec 9. Spud 07/19/16. TD 6,965’. TVD 6,605’. Form Rec: Wasatch G 2283’, Ohio Creek 3895’, Mesaverde 3933’, Williams Fork 3933’, Cameo 6394’ & Rollins 6845’. Surf Casing 9.625” to 1052’ & Prod Casing 4.5” to 6955’. Perf’d 5181’-6755’. PBTD 6,891’. Choke 18/64-in. FTP 1,100 PSI. CP 1,775 PSI. Flowed 1,055 Mcf/d. 8 Stgs. 37,368 Bbls Fld 37,368 Bbls Recy’d Wtr 651K Lbs Prop’t.
* Completion. Federal GM #411-9. 05-045-22527. Dir. Gas. Completed 10/07/16. Orig Permit 10/29/14. 637’ FNL & 582’ FWL of Sec 9-7S-96W; BHL 843’ FNL & 1285’ FWL of Sec 9. Spud 06/21/16. TD 6,714’. TVD 6,647’. Form Rec: Wasatch G 2111’, Ohio Creek 3577’, Mesaverde 3654’, Williams Fork 3654’, Cameo 6094’ & Rollins 6587’. Surf Casing 9.625” to 1306’ & Prod Casing 4.5” to 6704’. Perf’d 5021’-6507’. PBTD 6,675’. Choke 16/64-in. FTP 1,200 PSI. CP 1,800 PSI. Flowed 1,286 Mcf/d. 7 Stgs. 34,956 Bbls Fld 34,956 Bbls Recyd Wtr 647,300 Lbs Prop’t.
* Completion. Federal GM #421-9. 05-045-22529. Dir. Gas. Completed 10/10/16. Orig Permit 10/29/14. 644’ FNL & 578’ FWL of Sec 9-7S-96W; BHL 1166’ FNL & 1379’ FWL of Sec 9. Spud 06/25/16. TD 6,707’. TVD 6,593’. Form Rec: Wasatch G 2124’, Ohio Creek 3621’, Mesaverde 3621’, Williams Fork 3689’, Cameo 6129’ & Rollins 6611’. Surf Casing 9.625” to 1132’ & Prod Casing 4.5” to 6698’. Perf’d 4785’-6510’. PBTD 6,587’. Choke 14/64-in. FTP 1,300 PSI. CP 1,750 PSI. Flowed 1,339 Mcf/d. 8 Stgs. 40,045 Bbls Fld 40,045 Bbls Recyd Wtr 733,680 Lbs Prop’t.
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April 18, 2017 (Data thru 04/11/17) 7 DRILLING & EXPLORATION
OilfieldServiceSServing the marketplace with news, analysis and business opportunities
TUSCALOOSA DRILLING PROJECT~20,000-Contiguous Gross Acres.MAJORITY IN PIKE CO., MISSISSIPPI TUSCALOOSA MARINE SHALEAlso Tangipahoa & St. Helena Ph., LA DV169-Drilling Locations. 80-Acre Spacing.SEEKING JV PARTNERSHIP; 75% NRI TMS2-D Seismic Available PLAYArea EURs: 600-800 MBO/WellLeases Expiring in 2018-2019DV 3395L
ALASKA ROYALTY ACREAGE 15,930-Gross/Net Acres.UPPER COOK INLET BASINKITCHEN LIGHTS UNIT (N. BLOCK) RRMiocene Tyonek & Oligocene HemlockDeep Sands: 11,000-16,500 Ft.Multi Pay Intervals Present~4.45% ORRI In Leases.Offset Well Tested Over 5,000 BOPD ORRI-- From Tyonek Deep Channel Sands.Estimated Project Reserves: 89 MMBO3rd Party Reserve Report Available.Continued Development by Furie.CALL SELLER FOR DETAILSRR 5100
FEATURED DEALS
Technip spies other deals after withdrawing CGG offer
Technip has formally withdrawn efforts to take out fellow French seismic leader CGG following the rebuffing of an unsolicited $1.83 billion cash bid for the company by Technip. The offshore E&C leader said that following CGG’s refusal, Technip proposed a number of alternate options to a tender offer, but said these efforts were similarly unfruitful. In a separate
statement, CGG said that none of the proposed options created value for the company, and The Financial Times reported that board members viewed the offer as opportunistic in light of lower oil prices. Regardless, CGG asserted it was in position to weather current difficult market conditions.
Canadian service firms give signs of things to comeIn an early indicator of where service capex budgets are headed in the Lower 48 as
they are announced in coming months, Canadian service firms have been announcing drastically reduced 2015 spending plans and newbuild construction halts in anticipation
of lower producer cash flows. Many of these firms also have US operations, for even better visibility on things to come. Number one Canadian driller Precision Drilling cut next year’s budget
44% to C$493 million from 2014’s C$885 million and idled its new rig construction program “until we see an improved commodity price environment and rising customer newbuild demand,” said CEO Kevin Neveu. The 2014 plan is also being cut slightly from a prior C$908 million. Precision will complete 16 currently under construction rigs, 15 headed for the US and one for Kuwait, but is planning no further deliveries next year.
Precision is trimming excess fat for leaner times as well, announcing it has sold its US coiled tubing assets for C$44 million cash to an undisclosed buyer. As of YE13, Precision’s C/T fleet consisted of eight units in the Marcellus and Bakken shales, and Peters & Co. believes the price tag represented replacement cost.
GE guides down for oilpatch efforts in pivotal 2015 General Electric is positioning to weather the downcycle with stoicism while
picking up new business, and businesses, along the way. GE is calling 2015 a “pivot” year, as it digests the massive ~$15 billion acquisition of Alstom’s power assets (closure in Q2), raises proceeds from non-industrial, non-core asset sales and cuts
costs to mitigate the impact of cheaper oil. GE anticipates industrial profits up 10% or more next year, but as for oil and gas specifically,
while the division saw $4.9 billion in orders in Q3, it is already seeing headwinds. GE cut its growth outlook from high single- to low double-digit growth down to mid-single digit expectations. CEO Jeff Immelt called crude pricing issues a short term industry challenge. The company now hopes to keep oil and gas profits and revenues fairly flat through cost controls, although acknowledging that they very well may slide as much as 5%, particularly under capex freeze scenarios. Its exposure to the space is more geared toward production and less than peers on more volatile onshore unconventionals.
Assessing the service sector damagePrognosticators parse impact of crude plunge on services
With crude now down about 50% from its summer highs and E&Ps slashing capex left and right, some sense of the impact on the service sector is starting to come to light. Fortunately, with ongoing projects unlikely to have their plugs pulled, there is still probably a month or two of “full steam ahead, ” but some time next quarter activity decreases should begin to be more heavily felt, and it is worthwhile to examine who is best and worst positioned, how large the damage is likely to be, and how long a
trough could last. As for fracking,
PacWest Consulting recently did a deep dive conference call on its expectations, and the firm anticipates an 8% demand (as measured by hp) and price cut next year in US land. The drop represents a 12% decline in the number of horizontal wells fracked, offset somewhat by the continued shift toward more sand, stage-count and HP-intensive fracs. That said, frac stages are still expected to decrease 6%.
CGG deal dead in water; company cited opportunism by Technip.
PacWest sees frac demand & pricing down 8% next year.
Oil & Gas segment sales & profits projected down 0-5% next year.
Precision cut its 2015 budget 44% to C$493 million from 2014’s C$885 million.
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WESTERN 8 Legend ⊞ Field/Formation ' Oil * Gas Õ CBM 9 Plugged Oil % Plugged Gas
ª Dry Hole 6 Injection ° Water Supply O Observation 8 SWD è Service
QuickPriceServing the marketplace with news, analysis and business opportunities
TUSCALOOSA DRILLING PROJECT ~20,000-Contiguous Gross Acres. MAJORITY IN PIKE CO., MISSISSIPPITUSCALOOSA MARINE SHALE DVAlso Tangipahoa & St. Helena Ph., LA169-Drilling Locations. 80-Acre Spacing.Offsets Goodrich, EnCana ---- Sanchez and HalconSEEKING JV PARTNERSHIP; 75% NRI TMSArea EURs: 600-800 MBO/Well PLAYArea Also Contains High BTU Gas.Leases Expiring in 2018-2019DV 3395L
ARANSAS CO., TEXAS PROPERTY 11-Active Wells. ~3,200 Acres. NINE MILE POINT (CONS. FIELD)Frio Consolidated PPLiquids Rich Natural Gas85% OPERATED WI; 83% Lease NRIGross Production: 41 BOPD & 1.3 MMCFDNet Production: 28 BOPD & 936 MCFD6-Mn Avg Net Cash Flow: $161,186/MnPDP PV10: $ 2,216,000Total Proved PV10: $8,652,000 193All Acreage is Held By Production BOEDBIDS DUE BY JANUARY 15, 2015PP 2675DV
FEATURED DEALS
Natural gas prices drop below $3.00 at year's endNatural gas prices closed at a two-plus year low of $2.89 at year’s end, down heavily from the ~$3.80-$4.00/MMBtu script that dominated most of the back half of 2014, with Henry Hub falling 29% from November’s close of $4.09 on the month. Prices were still within or just modestly below the 2H14 trading range in the first half of the month, still coming off a late November cold snap which drove prices as high
as $4.49. However temperatures once again began coming in warmer than norms throughout December, pressuring prices and ultimately leading to an
~$0.80/MMBtu (22%) collapse during the final two weeks of the year.
WTI at 5¾ year lows as slide continues into 2015Most of us in the oil space are happy to say goodbye to December, which saw the
front month WTI crude futures contract shave off another $13/bbl on the month (or 19%) to close New Year’s Eve at $53.27. The markets did manage to stabilize during the middle of the month with a valiant ~two week attempt to consolidate around
$55/bbl. That's the most stability we’ve seen since November when WTI vacillated around $75 for about three weeks—ultimately broken by OPEC. However, prices ultimately failed to hold, breaking $55 between the holidays and closing the year on a
low note. The bearish momentum has continued into 2015, where WTI has now burned through the lower $50s and sat at $47.93 as of Tuesday’s close. This amounts to a 27% decline over the past month, and represents the lowest price level since March 2009. Last year also amounted to the second largest price drop for WTI ever on a percentage basis with a 46% YOY decline (still trumped by 2008). There hasn’t been much
specifically bearish news driving the decline over the past several days, aside of course from increasing crude and refined product stocks, but the market should have already known this was coming. In fact, a few bullish items have hit the wires, but have failed to have any noteworthy impact.
Brent has generally followed the same path as WTI, also falling $13 (18%) to a $57.33/bbl close in December, and is now down to $51.10 as of Tuesday.
Crude oil & natural gas settlement pricesMost Recent
01/06/156 Mths Ago
07/03/141 Yr Ago 01/03/14
2 Yrs Ago 01/04/13
Oil
WTI Front Month $47.93 $104.06 $93.96 $93.09
WTI 12-Mth Strip $53.80 $100.27 $92.08 $93.98
Brent Front Month $51.10 $111.00 $106.89 $111.31
Brent 12 Mth Strip $58.47 $109.24 $104.86 $107.28
Gas
Henry Hub Front Month $2.94 $4.41 $4.30 $3.29
Henry Hub 12 Mth Strip $3.01 $4.32 $4.25 $3.55
Financial
S&P 500 2,003 1,978 1,831 1,466
Source: OTC Global Holdings Market Data
OIL GAS1. WTI breaks $50.00 after dropping 50% in 2014.
2. Markets keep breaking floors – first at $75.00, then at $55.00.
3. Cushing getting hit hard; stocks are up 29% over past month to 9-month high.
4. Libya down again, but Russia & Iraq producing at multi-decade highs.
5. Henry Hub fell 29% in December, with the majority of that during final 2 weeks.
6. Record production combining with mild winter in one-two natural gas punch.
7. Tudor says less oil drilling will drop natural gas by 1.0 bcf/d.
QuickLook
WTI fell $13/bbl (19%) in December, 46% for all of 2014. Henry Hub fell about $0.80, or 22%,
during last two weeks of 2014.
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April 18, 2017 (Data thru 04/11/17) 9 DRILLING & EXPLORATION
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April 18, 2017 (Data thru 04/11/17) 11 DRILLING & EXPLORATION
DEALS FOR SALECENTRAL COLORADO PROSPECT~27,000-Net Acres. 33,000-Gross Acres.ELBERT & EL PASO COUNTIES DVDJ BASIN-WATTENBERG OIL WINDOWObjectives Include Niobrara A, B, C & --Fort Hays, Codell, Greenhorn, Marmaton---Cherokee, Atoka, Morrow & Mississippian.FOR SALE OR JV100% OPERATED WI; 80% NRIExpected IP30: 600-1,000 BOPDNew Exploratory Well Just Drilled DENVERw/Extensive Science Package BASINNiobrara B Rsrvs: 400-850 MBOE/WellLOOKING FOR PARTNERS FOR DEVCurrently Scheduling Completion.AFE/Well: $700,000 VerticalAFE/Well: $3 to $6 MM HorizontalDV 1721L
COLORADO FARMIN OPPORTUNITY2-Units. >33,000 Gross Acres.RIO BLANCO & MOFFATT COUNTIESPICEANCE BASIN DVUnitized on Niobrara Formation. NIOBRARA13,100 Ft. Vertical to Frontier Formation~22-100% OPERATED WI AVAILABLE2014 HZ Niobrara Well Flowed 891 BOPD21 Month Cum of 147 MBOE (69% Oil)Offset Prospect Rsrvs: 200-500 MMBOEDV 2935FO
NORTHERN COLORADO PROSPECT34,000-Net Acres.DJ BASIN LEASEHOLDWeld & Morgan Counties DVUpper Cretaceous D SanstoneFort Hays/Codell, Greenhorn & J SandstoneShallow Drill Depths At 6,000’ - 7,000’Multiple Stacked Organic Source RocksSEEKING DRILLING PARTNER DJEUR Per Well: 449 MBOE/Well BASINCONTACT AGENT FOR UPDATEDV 2208
NW COLORADO OPPORTUNITY40,456 Gross Acres.SAND WASH BASINNiobrara Oil Resource Fairway DVProposed Depths: 5,000-8,000 Ft.FOR SALE OR SEEKING PARTNERSDELIVERING 81.8% NRI NIOBRARAArea Well IP’s: 549 BOPDWell Recoveries: Up to 8.0 MMBO/WellCONTACT SELLER FOR MORE INFODV 2929L
DEALS FOR SALEDJ BASIN OPPORTUNITY50,000-Net Acres.WELD, ADAMS & ARAPAHOE CO., COLARAMIE CO., WYOMINGNiobrara & Codell Resource Play. DV16-32 Wells per Section.100% OPERATED WI FOR SALENiobrara EUR: 350-450 MBOE/WellNiobrara OOIP: 90 MMBOE/SectionLease Expire 2018 to 2026 LEASEHOLD4,000’ Lateral Well Cost: $2,750,000CONTACT SELLER FOR MORE INFODV 4968L
CARBON & EMERY CO., UT PROPERTY2-Federal Units. 185,000-Net Acres.STACKED PAY ZONES PPMoenkopi Target Zone At 4,000’ - 7,000’Additional Targets In Kaibab & DoughnutMultiple Oil-Saturated & Fractured Cores3D Seismic Data Available MOENKOPI~97% OPERATED WI; 80% NRICurrent Production: 10-15 BOPDCONTACT SELLER FOR MORE INFOPP 2912DV
NORTHEASTERN UTAH PROPERTY21-Producing Wells. 17,976-Acres.CASTLEGATE CBM FIELD8-Wells Waiting On Rework. DV303-Total Locations Identified On Acreage.41-Direct Offset PUD Locations.50% WORKING INTEREST AVAILABLECurrent Production: ~2 MMCFDRework Expected Prod: ~ MMCFD ~2Undeveloped Reserves: ~300 BCF MMCFDExisting Facilities & Infrastructure In Place.AFE Per Well: ~$600,000/WellDV 2894
SANPETE CO., UT PROSPECT~14,475-Net Acres.MANCOS OIL RESOURCE PLAY DV~50% Fee Acreage. ~50% State Acreage.Emerging Tununk Shale & FerronSandstone Oil Play MANCOSDrill-Ready Depths At 8,000 Ft. - 12,000 Ft.100% OPERTAED WI AVAILABLEDV 2921
UINTAH CO., UT FARMOUT3,973-Gross & Net Acres.UINTA BASIN - MESAVERDE SANDSNatural Buttes Gas Field ExtensionWasatch, Mesaverde, Castlegate, FOMancos & Other Deep PotentialTarget Depths From 3,000 Ft. - 5,800 Ft.100% OPERATED WI; 80% NRIDrill To Earn Farmout Option FARMOUTCompleted Well AFE: $1,200,000FO 2913
April 18, 2017 (Data thru 04/11/17) 15 DRILLING & EXPLORATION
DEALS FOR SALECARBON CO., WY PROSPECT13,000-Total Acres. 2-Prospects.HANNA BASINObj 1: Tensleep/Sundance. 8,500 Ft. DVObj 2: Frontier/Niobrara. 10,000-14,000 Ft.100% OPERATED WI; 80% NRI HANNAContiguous Acreage. BASINEst Net Rsrvs: 400-1,500 MBOE/WellEst Project Rsrvs: 120 MMBOReference Percy Creek On Youtube.DV 4595L
FREMONT CO., WY LEASEHOLD~17,026-Gross & Net Acres.WIND RIVER BASIN L Frontier, Phosphoria, Tensleep & Madison100% OPERATED WI; 85% NRI FRONTIERLong Term Leases - Avg 6 Year RemainingAGENT WANTS OFFERS APR 19, 2017L 2114
NATRONA CO., WY PROSPECT42,571-Total Acres.CASPER ARCHPrimary Objs: Dakota At 6,700 Ft. DVSecondary Objs: Niobrara, Frontier,Mowry & TensleepSecondary Depths: 3,500 Ft. - 7,500 Ft.FOR SALE OR FARMOUT DAKOTAReserves: 250 MBO Per Well (Dakota)Leases Expirations Aug 2017 - Feb 2019DV 5934FO
WYOMING ACREAGE FOR SALE~5,066-Gross Acres. ~1,621-Net Acres.UNDEVELOPED LEASEHOLD LCampbell, Converse & Johnson Cos.WORKING INTEREST AVAILABLE ROCKIESCONTACT AGENT FOR UPDATEL 2227
WYOMING NONOP SALE PACKAGE3-Lots. ~270-Net Acres.POWDER RIVER BASINConverse & Natrona Counties PP6 Permitted HZ Wells In Frontier Formation6 Permitted Wells In Frontier & NiobraraVarying NonOperated Working Interest6-Mn Gross Prod: 228 BOPD & 348 MCFD12-Mn Avg Net Income: $3,003/Month ~290All Acreage Expires October 2024. BOEDCONTACT AGENT FOR UPDATEPP 2544L
COLORADOPDC Energy. (continued)
⊞ Wattenberg Field (Fort Hays) ' Completion. Spaur #10Q-401. 05-123-42326. HZ. Oil. Completed 02/07/17. Orig Permit 10/22/15. 359’ FSL & 2393’ FWL of Sec 10-4N-67W; BHL 506’ FNL & 2475’ FEL of Sec 10. Spud 03/30/16. TD 11,572’. TVD 7,026’. Form Rec: Parkman 3620’, Sussex 4113’, Shannon 4668’, Sharon Springs 6831’, Niobrara 6950’ & Fort Hays 7661’. Perf’d 7662’-8004’. PBTD 11,543’. FTP 1,893 PSI. CP 2,524 PSI. Oil Grav 50° API. GOR 2,875:1. Flowed 312 bo/d & 897 Mcf/d. 21 Stgs. 72,904 Bbls Fld 481 Bbls Acd 72,423 Bbls Frsh Wtr 4,473,320 Lbs Prop’t. ' Verdad O&G. Completion. State #2-63-16-1H. 05-123-43203. Wattenberg Field. Niobrara. HZ. Oil. Completed 12/09/16. Orig Permit 05/24/16. 300’ FSL & 212’ FEL of Sec 16-2N-63W; BHL 0’ FNL & 918’ FEL of Sec 16. Spud 07/12/16. TD 11,705’. TVD 6,579’. Form Rec: Sussex 4296’, Sharon Springs 6465’ & Niobrara 6493’. Surf Casing 9.625” to 1541’ & Prod Casing 5.5” to 11689’. Perf’d 6853’-11481’. PBTD 11,671’. Choke 20/64-in. FTP 340 PSI. CP 1,000 PSI. Oil Grav 38° API. GOR 1,000:1. Flowed 48 bo/d & 48 Mcf/d. Shut In.
SAN JOAQUIN BASIN PROSPECTS9 Conventional Exploration TargetsKERN CO., CALIFORNIABELRIDGE & LOST HILLS AREA DVCitrus, Cassini & Thorndyke ProspectsAdvanced 3D Seismic ProcessingSEEKING JV PARTNERS JOINTTotal Potential: 50-80 MMBOE VENTUREExposure to 170 MMBOE (Recoverable)DV 2953
WHITE PINE CO., NV PROSPECT14,773-Acres.GREAT BASIN DVObj 1: Tertiary Lake Shale At 7,000 Ft.Obj 2: Mississippian Chainman. 8,000 Ft.Obj 3: Miss/Devonian Pilot. 12,000 Ft. GREAT100% OPERATED WI; 75% NRI BASIN8 Year Federal Leases.DV 5877
NEW MEXICOSANDOVAL
Encana O&G. 5 HZ Permits. ⊞ Unnamed Pool (Lybrook Gallup) 4x 10,307’ Permits. Venado Canyon Unit
Crescent Point Energy. 12,012’ Permit. Deep Creek #2.5-36-3-1E-H1. 43-047-55648. Randlett Field. Castle Peak. HZ. Oil. 489 FSL & 2316 FEL of Sec 25-3S-1E; PBHL 660’ FSL & 2648’ FEL of Sec 36. PTVD 7,321’. 640 Acres. Issued 03/27/17. Confidential.
16,126’ Renewal. Bighorn Federal Com #18FH. 49-005-63236. Oil. 50’ FNL & 581’ FEL of Sec 29-42N-74W; PBHL 460’ FSL & 660’ FEL of Sec 29. PTVD 11,582’. Issued 04/04/17.
16,218’ Renewal. Custer Federal Com #16FH. 49-005-63202. Oil. 50’ FNL & 2174’ FWL of Sec 20-42N-74W; PBHL 460’ FSL & 1980’ FWL of Sec 20. PTVD 11,661’. Issued 04/04/17.
16,307’ Renewal. Iroquois Federal Com #1FH. 49-005-63201. Oil. 50’ FNL & 2390’ FWL of Sec 17-42N-74W; PBHL 460’ FSL & 1980’ FWL of Sec 17. PTVD 11,765’. Issued 04/04/17.
16,706’ Renewal. Isleta Federal Com #1FH. 49-005-63179. Oil. 400’ FNL & 660’ FEL of Sec 9-41N-74W; PBHL 460’ FNL & 460’ FEL of Sec 4. PTVD 11,627’. Issued 04/04/17.
15,945’ Renewal. Motel Federal Com #5FH. 49-005-63345. Oil. 50’ FNL & 460’ FEL of Sec 27-42N-74W; PBHL 460’ FSL & 660’ FEL of Sec 27. PTVD 11,625’. Issued 03/24/17.
15,937’ Renewal. Wiker Com #1FH. 49-005-63344. Oil. 155’ FNL & 2088’ FWL of Sec 27-42N-74W; PBHL 460’ FSL & 2440’ FWL of Sec 27. PTVD 11,720’. Issued 03/24/17.
16,147’ Renewal. Zuni Federal Com #1FH. 49-005-63200. Oil. 50’ FSL & 360’ FEL of Sec 17-42N-74W; PBHL 460’ FNL & 660’ FEL of Sec 17. PTVD 11,536’. Issued 04/04/17.
⊞ Wildcat (Shannon) 14,540’ Renewal. Fleetwing Federal #30H.
49-005-62591. Oil. 275’ FSL & 440’ FEL of Sec 29-44N-76W; PBHL 460’ FNL & 2180’ FEL of Sec 29. PTVD 9,864’. Issued 04/06/17.
⊞ Wildcat (Turner) ' Completion. Cousins Federal Com #23TH. 49-005-62453. Oil. Completed 02/20/17. Orig Permit 08/11/14. 371’ FNL & 2325’ FWL of Sec 2-43N-74W; BHL 473’ FSL & 491’ FWL of Sec 2. Spud 11/05/14. TD 15,260’. TVD 10,799’. Form Rec: Fox Hills 6508’, Lewis 6626’, Parkman 7708’, Sussex 8732’, Shannon 9120’, Niobrara 10123’ & Turner 11189’. Surf Casing 16” to 80’, Int Casing 9.625” to 2195’, Int Casing 7” to 11175’ & Prod Casing 4.5” to 15255’. Perf’d 11345’-15215’. Choke 18/64-in. FTP 680 PSI. CP 53 PSI. Oil Grav 38° API. GOR 546:1. Tested 712 bo/d & 389 Mcf/d. 13 Stgs. 64,433 Bbls Slurry 4,055,340 Lbs Prop’t.
15,418’ Renewal. Buster Federal Com #8TH. 49-005-62689. Oil. 250’ FNL & 2384’ FEL of Sec 4-43N-73W; PBHL 460’ FNL & 1400’ FEL of Sec 33. PTVD 10,347’. Issued 04/07/17.
16,675’ Renewal. Trinity Fed #3569-35-T4XH. 49-009-31536. Oil. 2018’ FSL & 1335’ FEL of Sec 26-35N-69W; PBHL 460’ FSL & 660’ FEL of Sec 35. PTVD 10,135’. Issued 03/22/17.
20,469’ Renewal. Trinity Fed #3669-31-T4XH. 49-009-31132. Oil. 116’ FSL & 740’ FEL of Sec 19-36N-69W; PBHL 460’ FSL & 660’ FEL of Sec 31. PTVD 10,555’. Issued 03/22/17.
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WESTERN 20 Legend ⊞ Field/Formation ' Oil * Gas Õ CBM 9 Plugged Oil % Plugged Gas
ª Dry Hole 6 Injection ° Water Supply O Observation 8 SWD è Service
The first well of the program, Chimney Cone 22-41 TH, set a drilling record of 11 days from spud to rig release, which improved upon the first two horizontals by 25%.
Massif operates in the legacy Hilight field under waterflood in Campbell Co., Wyoming as MCL 1 Oil & Gas. Massif acquired this field (48,000 net acres, 100% HBP) in 2015. Massif’s drilling program is unlocking stacked pay horizontal upside.
Massif O&G Continued From Pg 1
Massif bought 48,000 net acres in 2015 and is unlocking stacked pay.
Divestment Services
PLS Energy Advisors offers traditional property brokerage, prospect marketing and midstream asset-sale services, specializing in mid-market cash-flow-driven assets.
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For additional information contact Miranda Kennedy at 713-600-0156, or email [email protected]
April 18, 2017 (Data thru 04/11/17) 25 DRILLING & EXPLORATION
NIOBRARA Vermilion Energy. 14,772’ Permit. Reed
#23-26-1H. 49-027-26973. Finn-Shurley Field. Turner. HZ. Oil. 225’ FNL & 1415’ FEL of Sec 23-40N-64W; PBHL 460’ FSL & 1980’ FEL of Sec 26. PTVD 5,014’. Issued 03/30/17.
PARK Merit Energy. 4,427’ Deepening. SO
Spring Creek Unit #51. 49-029-21817. Spring Creek S Field. Darwin. Oil. 941’ FSL & 132’ FWL of Sec 12-49N-102W. Issued 03/24/17.
4,300’ Re-entry. South Spring Creek U #50. 49-029-21762. Spring Creek S Field. Darwin. Oil. 2174’ FNL & 1411’ FEL of Sec 11-49N-102W. Issued 03/24/17.
SUBLETTE Jonah Energy. 17,600’ Permit. Yellow
Point #341-12H. 49-035-30175. Jonah Field. Hilliard. HZ. Gas. 800’ FSL & 2567’ FWL of Sec 12-28N-109W; PBHL 1848’ FNL & 457’ FEL of Sec 12. PTVD 14,761’. Issued 04/04/17.
Ultra Resources. 5 Completions, 43 Dir Permits.
⊞ Pinedale Field (Lance) * Completion. Boulder #12D1-19D.
49-035-29779. Dir. Gas. Completed 02/23/17. Orig Permit 12/11/15. 2132’ FSL & 222’ FEL of Sec 24-31N-109W; BHL 1673’ FSL & 559’ FWL of Sec 19. Spud 11/07/16. TD 13,445’. TVD 13,375’. Form Rec: T/K Boundary 7302’, U Lance A 8061’, U Lance B 8625’, M Lance A 9111’, M Lance B 9637’, L Lance A 10115’, L Lance B 10765’ & L Lance C 11456’. Surf Casing 9.625” to 2615’, Int Casing 7” to 8501’, Int Casing 4.5” to 10902’ & Prod Casing 4.5” to 13435’. Perf’d 7306’-13235’. PBTD 13,433’. Choke 26/64-in. CP 3,224 PSI. Flowed 19 bo/d & 3,700 Mcf/d. 15 Stgs. 28,328 Bbls Slurry 1,868,100 Lbs Prop’t.
* Completion. Riverside #7A1-24D. 49-035-29787. Dir. Gas. Completed 02/23/17. Orig Permit 12/11/15. 2142’ FSL & 220’ FEL of Sec 24-31N-109W; BHL 1613’ FNL & 1607’ FEL of Sec 24. Spud 11/08/16. TD 13,723’. TVD 13,304’. Form Rec: T/K Boundary 7561’, U Lance A 8320’, U Lance B 8884’, M Lance A 9370’, M Lance B 9896’, L Lance A 10374’, L Lance B 11024’ & L Lance C 11715’. Surf Casing 9.625” to 2672’, Int Casing 7” to 8830’, Int Casing 4.5” to 10822’ & Prod Casing 4.5” to 13708’. Perf’d 7764’-13654’. PBTD 13,706’. Choke 28/64-in. CP 2,924 PSI. Flowed 23 bo/d & 3,046 Mcf/d. 16 Stgs. 30,358 Bbls Slurry 1,977,430 Lbs Prop’t.
NATRONA FDL Operating. 4 Completions, 1
Recompletion. ⊞ Salt Creek Field (Sundance 3)
6Completion. SCLOU #15DLSD3SW24. 49-025-23952. Dir. Inj. Completed 03/13/17. Orig Permit 08/10/16. 1975’ FSL & 1769’ FWL of Sec 24-40N-79W; BHL 1480’ FSL & 1678’ FWL of Sec 24. Spud 02/14/17. TD 3,404’. Form Rec: Wall Creek 1 1100’, Wall Creek 2 1534’ & Sundance 3 3143’. Surf Casing 10.75” to 609’, Int Casing 7.625” to 1747’ & Prod Casing 5.5” to 3382’. Perf’d 3143’-3193’. PBTD 3,315’. Shut In. ' Recompletion. SCLOU #24SD3SE27. 49-025-07840. Oil. Recompleted 02/11/17. Orig Compl 05/24/27. 1021’ FSL & 342’ FEL of Sec 27-40N-79W. TD 3,135’. Form Rec: Wall Creek 1 1160’, Wall Creek 2 1525’, Lakota 2477’ & Sundance 3 3028’. Surf Casing 15.5” to 90’, Int Casing 8.625” to 1130’, Int Casing 10” to 1630’, Int Casing 8.25” to 2560’, Int Casing 6.25” to 3016’ & Prod Casing 4.5” to 3134’. Perf’d 2200’-3054’ (2). PBTD 3,099’. Shut In.
6Completion. SLOU #06DLSD3SW24. 49-025-23976. Dir. Inj. Completed 03/11/17. Orig Permit 08/25/16. 2573’ FSL & 501’ FEL of Sec 23-40N-79W; BHL 2531’ FSL & 48’ FWL of Sec 24. Spud 02/09/17. TD 3,304’. Form Rec: Wall Creek 1 1054’, Wall Creek 2 1420’ & Sundance 3 3070’. Surf Casing 10.75” to 601’, Int Casing 7.625” to 1596’ & Prod Casing 5.5” to 3247’. Perf ’d 3070’-3134’. PBTD 3,247’. Shut In.
6Completion. SLOU #26DLSD3NW25. 49-025-23950. Dir. Inj. Completed 03/15/17. Orig Permit 08/10/16. 1285’ FNL & 2263’ FWL of Sec 25-40N-79W; BHL 1694’ FNL & 2069’ FWL fo Sec 25. Spud 02/15/17. TD 3,345’. Form Rec: Wall Creek 1 1126’, Wall Creek 2 1505’ & Sundance 3 3080’. Surf Casing 10.75” to 600’, Int Casing 7.625” to 1780’ & Prod Casing 5.5” to 3307’. Perf’d 3080’-3126’. PBTD 3,285’. Shut In.
⊞ Salt Creek Field (Wall Creek)
6Completion. SCLOU #33RDWC1SE06. 49-025-24046. Dir. Inj. Completed 03/09/17. Orig Permit 01/12/17. 52’ FSL & 1811’ FEL of Sec 6-39N-78W; BHL 155’ FSL & 1611’ FEL of Sec 6. Spud 01/31/17. TD 2,018’. Form Rec: Wall Creek 1 1770’. Surf Casing 8.625” to 545’ & Prod Casing 5.5” to 1976’. Perf’d 1770’-1880’. PBTD 1,930’. Shut In.
* Completion. Warbonnet #12B1-2D. 49-035-29544. Dir. Gas. Completed 02/27/17. Orig Permit 04/19/16. 1558’ FSL & 479’ FWL of Sec 2-30N-108W; BHL 2218’ FSL & 476’ FWL of Sec 2. Spud 10/19/16. TD 14,365’. TVD 14,314’. Form Rec: T/K Boundary 8264’, U Lance A 9023’, U Lance B 9587’, M Lance A 10073’, M Lance B 10599’, L Lance A 11077’, L Lance B 11727’ & L Lance C 12418’. Surf Casing 9.625” to 2599’, Int Casing 7” to 9824’, Int Casing 4.5” to 10870’ & Prod Casing 4.5” to 14355’. Perf’d 9013’-14306’. PBTD 14,353’. Choke 28/64-in. CP 3,120 PSI. Flowed 62 bo/d & 2,337 Mcf/d. 16 Stgs. 25,472 Bbls Slurry 1,619,800 Lbs Prop’t.
* Completion. Warbonnet #14B1-2D. 49-035-29776. Dir. Gas. Completed 02/27/17. Orig Permit 12/11/15. 1549’ FSL & 483’ FWL of Sec 2-30N-108W; BHL 1039’ FSL & 1645’ FWL of Sec 2. Spud 10/20/16. TD 14,450’. TVD 14,319’. Form Rec: T/K Boundary 8372’, U Lance A 9131’, U Lance B 9695’, M Lance A 10181’, M Lance B 10707’, L Lance A 11185’, L Lance B 11835’ & L Lance C 12526’. Surf Casing 9.625” to 2602’, Int Casing 7” to 9914’, Int Casing 4.5” to 10867’ & Prod Casing 4.5” to 14425’. Perf’d 8966’-14362’. PBTD 14,425’. Choke 28/64-in. CP 2,812 PSI. Flowed 52 bo/d & 2,936 Mcf/d. 16 Stgs. 26,443 Bbls Slurry 1,679,980 Lbs Prop’t.
* Completion. Warbonnet #14C1-12D. 49-035-29760. Dir. Gas. Completed 03/02/17. Orig Permit 08/31/15. 1286’ FNL & 411’ FEL of Sec 14-30N-108W; BHL 402’ FSL & 1633’ FWL of Sec 12. Spud 12/18/16. TD 14,905’. TVD 14,351’. Form Rec: T/K Boundary 8802’, U Lance A 9561’, U Lance B 10125’, M Lance A 10611’, M Lance B 11137’, L Lance A 11615’, L Lance B 12265’ & L Lance C 12956’. Surf Casing 9.625” to 2721’, Int Casing 7” to 10845’, Int Casing 4.5” to 10888’ & Prod Casing 4.5” to 14895’. Perf’d 9592’-14841’. PBTD 14,893’. Choke 36/64-in. CP 3,296 PSI. Flowed 99 bo/d & 3,242 Mcf/d. 16 Stgs. 26,682 Bbls Slurry 1,650,370 Lbs Prop’t.
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MAR 2017Permits: 394Spuds: 72
MAR 2016Permits: 748Spuds: 9
April 18, 2017 (Data thru 04/11/17) 27 DRILLING & EXPLORATION
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