During the quarter, the Company turned-in-line two wells located approximately three miles to the east of its Zick pad, representing about a ten mile step-out from its initial area of development. The initial production rates for these two wells were 16.3 million cubic feet (Mmcf) per day with nine fracture stimulation (frac) stages and 22.2 Mmcf per day from 17 frac stages. "These initial production rates are comparable to our original drilling area and further demonstrate the consistent results we are seeing across our acreage position," said
Operational efficiencies in the Company's Marcellus program continued to be a primary focus during the first quarter. The Company completed a total of 456 frac stages during the quarter and achieved a new record by completing eight stages in a 24-hour period with one completion crew. The 456 completed stages is a 70 percent increase over the first quarter of 2012. "In addition to efficiencies on the completion side of our operations, we also commenced operations from our first compressed natural gas (CNG) station to fuel our pickup truck fleet and one of the drilling rigs operating for Cabot," stated Dinges. "We continue to invest in ways to adapt our operations to utilize and benefit from natural gas."
Infrastructure continues to improve as additional projects are nearing completion. Noteworthy is the
In the Marmaton, the Company completed five wells during the quarter. These wells were completed with an average of 21 frac stages, resulting in an average initial production rate of more than 800 barrels of oil equivalent (Boe) per day. Production for all five wells is approximately 90 percent oil. "As a result of increased drilling and completion efficiencies, we continue to reduce completed well costs, further improving the economics in the play," noted Dinges. "We continue to be pleased with the results we are seeing from this oil initiative in the Marmaton and will continue to look for ways to further extract value from all of our underappreciated assets."
The statements regarding future financial performance and results and the other statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, market factors, the market price (including regional basis differentials) of natural gas and oil, results of future drilling and marketing activity, future production and costs, and other factors detailed in the Company's
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