Home Alternative Investments Thoroughbred Ventures Announces the Completion of 2 New Wells Offsetting Substantial Production...

Thoroughbred Ventures Announces the Completion of 2 New Wells Offsetting Substantial Production in Grady County, Oklahoma

5
0

News Image

“The Hale wells are easily two of the biggest wells we have been a part of in our company’s history.” – Trent Davis, Founder and President

Thoroughbred originally partnered with Gulfport Energy (NYSE: GPOR) on the drilling of the initial well in the drilling unit, the Anita Fowler 1-27X26. The well began flowback in August of 2016 with a vigorous initial peak production rate of 445 BOPD (barrels of oil per day), and 18,555 MCFPD (million cubic feet per day), and to date has produced 139,009 barrels of oil and 11.946 billion cubic feet of natural gas.

As good as the Anita Fowler well was the two new wells, the Hale 1-1X36X35X35X26H and the Hale 2-1X36X35X35X26H, are considerably larger in terms of initial production. The Hale 1 had an initial peak production rate of 1,081 BOPD (barrels of oil per day), and 22,169 MCFPD (million cubic feet of gas per day). The Hale 2 had an initial production rate of 922 BOPD (barrels of oil per day), and 22,871 MCFPD (million cubic feet of gas per day).

According to Thoroughbred’s Founder and President, Trent Davis, “The Hale wells are easily two of the biggest wells we have been a part of in our company’s history. As I have said in the past, the oil and gas business boils down to exploration and exploitation. We have weathered the storm the last few years, and now with oil and gas prices on the rise, Thoroughbred along with the partners that believed in us and stayed the course, are taking major advantage.”

Thoroughbred began acquiring acreage in the Oklahoma STACK and SCOOP during the 2015 drop in oil prices due to the belief that the play remained economic at lower prices. The company has since participated with public companies like Marathon Oil (NYSE: MRO) and Continental Resources (CLR-NYSE) in dozens of wells spread across Kingfisher, Custer, Canadian, Garvin, and Grady Counties. While the overall results have been impressive, the top five producing wells were all located in Grady County within close proximity to the Anita Fowler and the Hale wells. Thoroughbred and its partners are also in the final stages of the completion of five new wells with Marathon Oil (NYSE: MRO). Like the Hale wells, these wells are offsetting another huge well in Grady County completed back in 2016 called the KEM Ranch.

Bryan Hodges, Thoroughbred’s Executive Vice President said, “We have obviously been very pleased with the recent infill drilling activity and results we have seen, especially at these oil and gas prices. Furthermore, not only have we seen operators improve the production capability of the newer wells presumably via understanding the data from the original wells and subsequent modifications to the original frack plans, but utilizing the multi-well pad sites lowers our cap ex. All of these factors contribute to improve the return potential for our partners.”

About the Company

Thoroughbred Ventures, LLC is a venture capital firm in North Texas that focuses on providing high quality alternative investments in energy that are focused on cash flow generation, and tax benefits. Qualified accredited investors that want to learn more, and those looking to sell non-operating interest can contact Thoroughbred at 972-349-1726, via email at info@thoroughbredventures.com, or by visiting the company’s website at http://www.thoroughbredventures.com.

Share article on social media or email:

Source link

Previous articleSagard Private Equity Canada Announces Milestone of CAD$400M in Committed Capital for Inaugural Canadian Mid-Market Fund
Next articlePlanify an invincible Private Equity marketplace

LEAVE A REPLY

Please enter your comment!
Please enter your name here