The Company has established an initial capital budget for 2018 of between $300 - $320 million, allocated approximately 84% for drilling and completions activities, 8% for midstream activities, 6% for land activities and 2% for other capital requirements. This budget incorporates the Company’s drilling joint venture with Sequel Energy, in which the Company made a pre-carry working interest election of 50% in the first 16 well program and a pre-carry working interest election of 30% in the second 17 well program. The initial capital budget assumes the drilling of 17 net (33 gross) horizontal Utica Shale wells and the completion of 18 net (35 gross) horizontal Utica Shale wells, including the drilling and completion of 1 net (1.0 gross) Flat Castle area well. The wells to be drilled in 2018 are expected to average over 16,800 feet in lateral length.Read the whole release by clicking here.
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