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MRD to Boost Cotton Valley Drilling Activity for 2016; Increases Guidance
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Memorial Resource Development Corp. reported its operating and financial results for the three months ended March 31, 2016.
Key Points: During the first quarter 2016, MRD brought online a total of 20 gross horizontal wells Year-to-date, the average drill time from spud to rig release has decreased to 39 days, which represents a 28% improvement over the 2015 average of 54 days. Due to these progressive performance improvements and newly implemented technologies, MRD has been able to reduce current D&C costs to $8.7 million per well, including facility costs. This represents a 26% reduction from management's original estimate of $11.8 million per well. MRD recently initiated operations on its first expansion acreage well in Jackson Parish, Louisiana and expects to spud an additional…- ✓ Full news archive — U.S., Canada & international coverage
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