Economics : Type Curve

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Warrior North Economics(1) 2,000 1,200 YE15SEC YE16SEC Upside Case 55% Ethane Recovery(2) Curve Curve 2017 1,800 1,000 All-in Well Cost 5.5 million 6.2 million 6.2 million 1,600 Lateral Length 5,000 ft 6,500 ft 6,500 ft 1,400 800 Cum Gross Prod (MBoe) EUR (MMBOE) 1.2 1.6 1.9 Gross Rate (Boe/d) 1,200 F&D Cost (/BOE) 4.55 3.89 3.32 1,000 600 3.00 NYMEX 800 32% 47% 59% Oil Price: 2017+: 55 400 600 3.00 NYMEX 23% 35% 46% 400 Oil Price: 2017+: 50 200 IRR (3,4,5) 200 3.25 NYMEX 35% 50% 62% Oil Price: 2017+: 55 0 0 0 10 20 30 40 50 60 Production Month Strip Pricing 32% 47% 59% YE15 SEC Curve YE16 SEC Curve Upside Case Avg. 30-day sales rate (MBOE/d) 1.4 1.8 1.3 1.7 1.1 1.5 (1) See note on Hydrocarbon Volumes and disclaimers at beginning of presentation. (2) Economics reflect 55% ethane recovery. (3) Historical price differentials applied to Condensate. Futures differentials applied for gas production for all scenarios. (4) C2 and C3+ NGL prices indexed at 17% and 54% of oil, respectively during the first year strip. (5) Strip Pricing as of 02.13.2017 Oil: 2017: 54.4, 2018: 55.17, 2019: 54.94, 2020: 54.89, 2021: 55.05// Gas: 2017: 3.2, 2018: 3.06, 2019: 2.87, 2020: 2.85, 2021: 2.85 23
Rex Energy Corp
May 2017

Utica Shale Dry Gas Performance Recent fourth quarter 2016 and first quarter 2017 turn-in-lines continue to perform at or above expectations Sample set includes twelve wells from four separate pads Dry Gas West 2 Well Pad(1) Dry Gas East 3 Well Pad (1) Dry Gas West Type Curve (2.2 Bcf/1,000) Dry Gas East Type Curve (2.6 Bcf/1,000) Daily Production Ward Forecast (2.3 Bcf/1,000) Daily Production Valerie Forecast (2.6 Bcf/1,000) Gas Production (Mcfpd) Gas Production (Mcfpd) Tubing Pressure (psi) Tubing Pressure (psi) Cumulative Production Cumulative Production Dry Gas West Type Curve (2.2 Bcf/1,000) Dry Gas East Type Curve (2.6 Bcf/1,000) Ward Forecast (2.3 Bcf/1,000) Valerie Forecast (2.6 Bcf/1,000) Cumulative Gas Production (Mcf) Cumulative Gas Production (Mcf) 1) Production history normalized to 8,000 lateral. 18
Gulfport Energy Corp.
May 2017

Marcellus and Utica Single Well Type Curves MARCELLUS SINGLE WELL TYPE CURVE 14 Restricted Rate Marcellus EUR (Bcf/1,000') 2.16 12 Lateral Length 8,000 10 EUR (Bcf) 17.3 Interwell Spacing 750 MMcf/d 8 Choke (MMcf/d per 1,000') 1.5 6 Flat Time (Days) 180 1-year Cum. (Bcf) 3.8 4 2-year Cum. (Bcf) 5.9 5-year Cum. (Bcf) 9.2 2 10-year Cum. (Bcf) 12.2 IRR (3.00 HHub) 92% 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 PV-10 (MM) (3.00 HHub) 9.6 Years OHIO UTICA SINGLE WELL TYPE CURVE 20 OH Utica Restricted Rate EUR (Bcf/1,000') 2.33 Lateral Length 9,000 15 EUR (Bcf) 21.0 Interwell Spacing 1,000 MMcf/d Choke (MMcf/d per 1,000') 1.8 10 Flat Time (Days) 365 1-year Cum. (Bcf) 5.8 5 2-year Cum. (Bcf) 9.0 5-year Cum. (Bcf) 12.5 10-year Cum. (Bcf) 15.2 IRR (3.00 HHub) 72% 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 PV-10 (MM) (3.00 HHub) 9.9 Years __________________________ Note: See appendix for summary of assumptions used to generate single well IRRs. 47 www.riceenergy.com
Rice Energy
March 2017

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