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Gastar Meramec Wells Outperform; Boast 2017 CapEx
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Gastar has detailed its well results and 2017 capital program.
Two of the Meramec wells, the Ingle 29-1H and the Geis 31-1H, have achieved initial peak production ("IP") rates of 1,037 (81% oil) and 877 (69% oil) barrels of oil equivalent ("BOE") per day, respectively.
Outside Gastar's drilling joint venture, the Company has recently drilled and completed one Osage well and one Oswego well. Gastar's initial Osage well, the McGee 29-1H located in southern Garfield County, Oklahoma, had an IP rate of 414 BOE per day (80% oil) and a post-peak IP 30-day rate of 353 BOE per day (74% oil). The McGee 29-1H well was drilled in the lower Osage with its production rate impacted by approximately 30% of the wellbore being completed outside of the primary target zone.
Key Points:2017 capex of $84…
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