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Exco Drills, Tests Wolfcamp/Cline Wells; Details 2012 Wrap-Up
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Exco Resources announced fourth quarter and full year operating results for 2012.
We have tested both the Wolfcamp and Cline shale formations vertically in several wells and continue to collect and analyze core samples. The Wolfcamp and Cline shale rights were not contributed to the partnership with HGI.
We drilled and completed 10 gross (9.8 net) wells in our Sugg Ranch area during the fourth quarter 2012 with 90% drilling success. For the year, we drilled and completed 37 gross (36.1 net) wells with 95% drilling success. Economics for this drilling activity typically have rates-of-return in excess of 50%. In the fourth quarter, our production averaged approximately 3,900 barrels per day of net oil equivalents.
This average production rate consisted of 1,450 net barrels of oil, 6,400…
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