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Encana Drills 3Q DJ Basin Update; Long Laterals
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Encana Corp. has reported a third quarter 2014 update on its Rockies operations.
DJ Basin Basin
Drilling cycle times continue to be reduced and are averaging approximately three days below target. Section length laterals are averaging under 10 days spud-to-rig release and one and one-half section laterals are averaging 13 days spud-to-rig release.
Encana also successfully drilled eight 10,000-feet lateral wells during the quarter, and drilled a pace-setting 10,000-foot well in 17 days. In continuing to optimize efficiencies in the play, Encana's year-to-date well costs are averaging between $4.5 million to $5 million.
The company currently has six rigs running in the play and has drilled 49 net wells year-to-date.
San Juan Basin
Encana continues to advance commercial development and 2014 production is expected to reach 9,500 boe/d, an increase of 150 percent from the beginning of the year. Drilling and completion costs have been reduced by 11 percent and 15 percent, respectively, compared to 2013.
Well performance continues to meet or exceed expectations with initial production rates between 400 to 500 barrels of oil per day. Three rigs are currently running in the play and the company has drilled 24 net wells this year.
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| Production Oil(bbls/d) |
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