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Diamondback Energy Stays Focused on Wolfcamp; Details IPs
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The Company's 15 producing horizontal Wolfcamp B wells have achieved peak 24 hour IP rates that averaged 905 Boe/d (88% oil) from lateral lengths that averaged 5,687.
Highlights
Q2 2013 production was 6.6 MBoe/d, a 38% increase from Q1 2013 with oil volumes increasing 49% over the same period, helping to drive EBITDA (as defined below) to $35.1 million (up 73% over the same period).
Continued progress lowering lease operating expense (LOE) by 20% to $10.15/Boe during Q2 2013 from $12.61/Boe in Q1 2013.
The ST 4301H well in Midland County, with a 29 stage 7,141' lateral, achieved a peak 30 day rate of 916 Boe/d (85% oil) on submersible pump, with a previously reported peak 24 hour initial production ("IP") rate of 1,136 Boe/d.The Jacee A Unit 1H well in Upton County, with a 30 stage 7,541' lateral, achieved a peak 24 hour IP of 1,085 Boe/d on submersible pump, with a peak 30 day rate of 632 Boe/d (83% oil).
The Janey 2H well in Upton County, with a 19 stage 4,572' lateral, was put on submersible pump and achieved a peak 24 hour IP rate of 930 Boe/d (87% oil).The Janey 4H well in Upton County, with a 10 stage 4,564' lateral, was put on submersible pump and achieved a peak 24 hour IP rate of 880 Boe/d (77% oil).
During the second quarter of 2013, Diamondback concentrated its horizontal drilling activity in the Wolfcamp B shale, where it currently operates two rigs in Midland County and another in Upton County. Additionally, Diamondback drilled its first Wolfcamp B and Clearfork Shale well in Andrews County. Diamondback plans to add a fourth horizontal rig in Q4 2013.
As of July 31, 2013, Diamondback had drilled (or was a non-operating partner in drilling) a total of 20 gross horizontal Wolfcamp B wells with lateral lengths ranging from 3,733' to 10,353', with three wells currently being drilled.
Source : Diamondback 2Q2013 Update (click to enlarge)
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