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Chaparral's Latest STACK Pad Delivers; Results Exceed Type Curve Over 200%

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   |    Tuesday,May 28,2019

Chaparral Energy Inc. reported results from its recent 11-well cube style, co-development Foraker spacing test, as well as its three-well Denali partial spacing test in Canadian County.

Foraker Pad

Announced average IP30 results for all 11, single-mile Foraker wells of 1,357 Boe/d, with 48% oil.

In addition, the average capital cost per well for the Foraker test continues to track below Chaparral's average AFE estimates of approximately $4.4 million.

• Achieved average IP30 results for all nine Meramec wells of 1,491 Boe/d, with 50% oil

• Reached average IP30 results for the two Woodford wells of 754 Boe/d, with 39% oil

The nine Meramec wells have significantly exceeded IP30 and IP60 oil expectations, outperforming the type curve by 230% and 195%.

Additionally, the two Woodford wells exceeded the oil type curve by 138% and 120%, respectively.

Denali Spacing Test

Continued strong results from the single-mile, three-well partial section Denali spacing test

• Reported average IP30 results of 1,290 Boe/d, average IP60 results of 1,149 Boe/d and average IP90 results of 1,032 Boe/d

• Achieved 145% of oil type curve through 260 days

Continued excellent performance from drilling and completion capital program wells has increased total company production to more than 28,000 Boe/d and forecasted second quarter 2019 production is expected to be above the high end of its previously announced guidance range of 26,000 - 27,500 barrels of oil equivalent per day (Boe/d)

CEO Earl Reynolds commented: "We are excited about the outstanding initial results we have seen from our operated Canadian County spacing tests. The Foraker 11-well cube style, co-development spacing test has clearly demonstrated enhanced productivity, which we believe helps to validate the upside potential of our cube-style, co-development approach moving forward. The nine Meramec wells had an average 30-day IP rate of 1,491 Boe/d, which is 170% of our type curve expectations. The Woodford wells are also performing above type curve, with 30-day IP rates of 754 Boe/d, or 102% of our type curve expectations. All 11 wells continue to flow naturally with no artificial lift and the bottom hole pressure drawdown and gas-oil ratio (GOR) trends are similar to nearby offset wells. These outstanding production results, coupled with costs at or below our type curve estimates, lead us to believe these wells will be some of the most economic and capital efficient wells Chaparral has ever drilled."