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InPlay Oil to Accelerate Cardium Drilling 22% for 2018; IDs Latest IP30s
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InPlay Oil reported that it plans to use proceeds from a recent sale to accelerate its 2018 capital budget to include two additional (2.0 net) 1.5 mile horizontal Cardium wells at Willesden Green directly offsetting the recent wells brought on production.
22% Increase in Drilling PlansThese wells will be drilled in the fourth quarter and represent a 22% increase in the aggregate number of net wells planned to be drilled in 2018. The Company’s production, based on field estimates, has averaged over 4,900 boe/d (71% light oil and liquids) in August, and over 5,000 boe/d (71% light oil and liquids) during the first week of September which is above the high end of prior exit guidance. Strong drilling results and the increase in capital spending have led to an increase in our 2018 forecast…
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