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Thursday, May 7, 2015

Carrizo Encouraged by Utica Shale Test Wells

From Carrizo's 1st quarter results:
In the Utica Shale, Carrizo completed 2 gross (1.7 net) operated wells during the first quarter. Oil and condensate production during the quarter was approximately 200 Bbls/d, and was primarily from the Company's Brown 1H well. Due to the downturn in commodity prices, the Company released the rig it was operating in the Utica Shale during the first quarter. While Carrizo does not currently plan to drill or complete any additional Utica Shale wells this year, it is laying the groundwork to ramp activity back up in 2016 in the event of an improved commodity price environment. 
Recently, the Company brought its two-well Wagler pad in northern Guernsey County, Ohio, online following its resting period. The wells were drilled with an average effective lateral of approximately 7,300 ft. and were completed with an average of 30 frac stages. Carrizo tested the wells on a restricted choke for approximately 17 days before shutting them in at the end of April to await midstream infrastructure. Over the period, each well individually averaged more than 500 Bbls/d of condensate and more than 2.0 MMcf/d of rich natural gas with a Btu content of approximately 1,370. The wells were each still producing more than 500 Bbls/d of condensate at the time they were shut in. The Wagler wells are located very close to existing midstream infrastructure and the Company is working with a midstream provider to have them hooked to sales in the third quarter of the year. Carrizo operates the Wagler wells with an 83% working interest. 
The Company has also continued to flow test its Brown 1H well in Guernsey County. The well has been flowing for almost 100 days and has averaged approximately 410 Bbls/d of condensate over the period. Carrizo operates the Brown 1H well with a 50% working interest.
Read the whole release by clicking here. 

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