Drilling / Well Results | Top Story | Quarterly / Earnings Reports | Second Quarter (2Q) Update | Capital Markets | Drilling Activity | Suspend or Reduced Operations | Capex Decrease
Amplify Suspends East TX Drilling as Results Fail to Impress
Amplify Energy reported its Q2 2018 results.
Suspends 2018 East TX Drilling as Results 'Below Expectations'
Since the start of the year Amplify has completed three wells drilled in 2017 and drilled and completed an additional well from the 2018 drilling program. The four wells were completed in the Cotton Valley formation in the Joaquin Field in Panola County, TX, and produced an average IP30 of 5.5 MMcfe/d, which was below expectations.
Due to these results and a recent decline in forecasted natural gas prices, the Company made the decision to suspend its 2018 East Texas drilling program in the second quarter of 2018. The Company is currently evaluating these drilling results and future East Texas activity will be considered as part of the Company's overall asset exploitation plan.
Due to the suspension of the East Texas drilling program, the Company's capex program for the third quarter of 2018 has been reduced to approximately $5 to $7 million.
Production Down from 1Q18, YOY
- Q2 production of 168.9 Mmcfe/d (down -3% from 1Q18 and down -1.4% YOY)
Production and Drilling Program Update
- Below quarterly guidance due to the impact of the previously mentioned South Texas divestiture.
Related Categories :
Second Quarter (2Q) Update
More Second Quarter (2Q) Update News
-
Saturn Oil & Gas Second Quarter 2022 Results
-
Empire Petroleum Second Quarter 2022 Results
-
ProFrac Holding Corp. Second Quarter 2022 Results
-
InPlay Oil Corp. Second Quarter 2022 Results
-
Vermilion Energy Inc. Second Quarter 2022 Results
Ark-La-Tex News >>>
-
E&P Company Slash 2024 Capex & Frac Crews by 50%
-
What to Expect From Frac Activity in 2H'23 & 2024 -
-
Top Drilling Contractors Talk 2H '23 and 2024 -
-
Empire Petroleum First Quarter 2023 Results
-
Amplify Energy Corporation First Quarter 2023 Results -