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Midstates Increases Frac Stages in Q3; Produces 21.4 MBOEPD
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Midstates Petroleum reported its Q3 2017 results. Highlights include:
- Q3 Production: 21,358 BOEPD
Operational Update - Increased Frac Stages
- Produced an average of 17,606 BOEPD in the third quarter of 2017, of which 28% was oil, 24% NGLs, and 48% natural gas
- Spud 10 wells and placed 9 wells online during the third quarter of 2017
- Incurred average drilling, completion and facility costs of $3.1 million for wells brought online YTD
- Achieved average drilling cycle time YTD of 16 days (rig release to rig release)
During the third quarter of 2017, the Company increased the number of frac stages from approximately 17 stages to as many as 25 stages during its completion operations. This resulted in increased average well cost for its trial wells of $3.4 million per well, increasing the year-to-date average cost per well from $2.8 million in the first half of 2017 to $3.1 million
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