The completion report on this initial well indicates an oil flow rate of 67 bpd - which is significantly lower than the flow rates on the initial wells drilled by EOG in the sections to the east and to the west. (Tomcat, Warhawk, Nighthawk, etc). Does anyone have any insights that they can share on what EOG may do about developing the Sections 8 and 17 unit with this low flow rate? I have reached out to their land department but they are very tight with information. I have an offer to sell my acreage that is looking very good in light of this initial report. Thanks!
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370 BPD first production is not good at all.
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That statement needs to be put into perspective against wells nearby and by reservoir. That number could be quite encouraging or not encouraging depending upon context.
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67 BPD reported 3/5/19 from the Woodford, the targeted formation… I bet the checks from the Tomcat in 16 & 21 caddy corner to the Spitfire will look a whole lot better.
The first two months of production for both of these wells - Tomcat and Spitfire- are now available thru the OTC PUN public records search. The Tomcat averages 395 bpd for the first 48 days of production compared to the Spitfire’s 370 bpd for the first 60 days of production. My guess is that they are almost identical by the end of the first year. So while this does not compare to some of the wells due west of these sections, it is not awful.
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Apache has apparently just sold out of the Anadarko basin
That along with BP selling some assets to that Lime Rock Resources recently. Makes me think they believed the upside was limited. Almost 400 barrels a day is not too bad. The location makes all the difference. The farther east you go, it seems like the numbers go down…
Sometimes the smaller-midsize companies can operate with lower overhead and make a play work. Most of the innovation in the early days of Horizontal drilling came from them. The big boys have different priorities and focus elsewhere. Funny how so many of the big ones are now getting into the shale plays ten years later.
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I could not agree more. I am glad Lime Rock Resources bought some of the Cleveland and McClain from BP. Hopefully , they can take the baton and run with it. Higher prices wouldn’t hurt also . I have been watching this development for 20 years ! Hope to be here long enough to see some productive wells on our rights.
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Definitely. Who knows, they could come on slow and take off in the coming months. $10,000/ac is still a good offer though IMO
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I’m pretty shocked people are still offering $10,000/acre. Those numbers are discouraging considering the monsters they have drilled to the west.
Location, location, location and price, price, price of products. Also, I find most offers to be low…
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They would not be offering that unless they think they can get at least that much back in about 3 years or less. The people making those offers , rarely lose anything.
No, I’m not interested in selling but was interested in the rate, White Sails Energy called this week offering 9K per acre for our minerals at Washington, OK. Spitfire was drilled on my Grandparents home place and knew the 67BPD was a type-O. I wouldn’t let go of any minerals just yet, Spitfire and Tomcat were test wells.
No Division orders or Revenue checks on the Tomcat 1621 1H Yet. still at the Title Attorneys office. Production is decent so far although Oil production has declined every month.
The decline will be around 80% the first 10-12 months.
So around 10% a month. What is the average life of the average well after that. roughly?
Some of the horizontal wells have a predicted life cycle of 50 or more years at low rates. Depends upon the pressure, product, porosity, permeability, surrounding wells, etc. Time will tell whether those predictions are correct or not.
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The horizontal wells I’ve been involved with won’t be economical more than 10 years. The predictions are from people selling the sizzle. Now the investors & stock holders are having to eat the steak.
8 to 10 years would be good.