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Contango's Latest Delaware Wells Fail to Impress; Exploring Strategic Alternatives
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Contango Oil & Gas reported its Q3 2018 results.
Capital costs incurred for the current quarter were approximately $15.9 million, nearly all of which was related to our Southern Delaware Basin play in Pecos County, Texas. For the remainder of 2018, we have not budgeted to spend any significant amount of capital as we intend to reduce our pace of development in the Southern Delaware.
Less than Impressive Delaware IPsNotably, the company's latest Delaware Basin IPs have been less than impressive, particularly its Fighting Ace #2H well.
In September 2018, we began production from the Fighting Ace #2H (50% WI, 38% NRI) targeting the Wolfcamp A, which was drilled to a TMD of 20,560 feet, including a 10,598 foot lateral. This well had a maximum 30-day IP rate of 656 boepd (71% oil). Other…- ✓ Full news archive — U.S., Canada & international coverage
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