Additionally, the Company recently finished completion operations on its Sawyers pad in Monroe County, Ohio consisting of three wells with inter-lateral spacing of 730 feet. This important spacing test is the Company’s first spacing test below 1,000 feet between wells on its Dry Gas Utica Shale acreage, which if successful, could increase the Company’s drilling locations by approximately 20%. The Company expects to put these wells into sales early during the third quarter of 2015.
The Company’s operated rig is currently drilling on its Fuchs/Dietrich pads in eastern Monroe County, Ohio that consist of eight wells with lateral lengths of approximately 8,600 feet. Drilling is continuing on pace with expectations, however, the Company is revising its timing expectations for putting these wells into sales as it awaits the final permitting before gathering lines can be completed. The Company originally expected to put these wells into sales in December 2015, and has now revised its expectations that the wells will go to sales in January 2016. This change in turn to sales timing is not expected to have a material impact on the Company’s 2015 production.
The Company is also pleased to announce that due to operational efficiencies and aggressive cost management efforts, which have resulted in the Company running below its expected capital expenditure budget, it has elected to complete its four well Weekender pad in its Utica Shale “Lean Condensate” area, located in Guernsey County, Ohio. The Company expects to put these wells into sales in the third quarter of 2015. The Company does not expect that these additional completions will cause the Company to exceed its capital budget for the year.
Commenting on the results to date, Benjamin Hulburt, Chairman, President and CEO said, “I remain very impressed with our team’s operational performance. Our ability to complete more wells than we planned while spending less capital is strong evidence of the team’s performance. Our initial production in the second quarter to date is extremely encouraging to me, and I believe bodes well for the company’s expectations for the entire year. We are eagerly awaiting putting our Sawyers wells into sales early in the third quarter to evaluate the effect of the tighter well spacing. Additionally, we are also excited about putting our Fuchs/Dietrich units to sales in our “Dry Gas East” area early in 2016. If these wells perform according to our “managed choke” type curve expectations for that area, we would expect to put the units into sales at an initial combined production rate of approximately 150 gross MMcf per day (over 105 MMcf per day net).”Read the whole press release here.
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