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Midstates Touts 11% Upswing in MissLime Production from Q1; Focus on Extended Laterals
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Midstates Petroleum reported its Q2 2018 results.
MissLime Output Jumps 11% from Prior Quarter
- Q2 production of 20.6 MBOEPD (down -9% YOY and up +7% from 1Q18)
- Grew Mississippian Lime production to 17,202 BOEPD in the second quarter of 2018, up +11% from 1Q18
Ops - Drilling More Extende Laterals
- Spud four wells (including two extended lateral wells) and placed eight wells online (including two extended lateral wells) during the second quarter of 2018
- Brought online the Company's first two Mississippian Lime two-mile laterals at an average completed well cost of $3.6 million (an implied $1.8 million per one-mile lateral); achieving an average two-stream initial 24-hour peak rate of approximately 950 BOEPD (36% oil) per well
The Company continued to run its one-rig drilling program in the Mississippian Lime through the second quarter of 2018 with the goal of minimizing drilling and completion costs to enhance economics in delineated areas.
In addition to the two extended laterals placed in production during the second quarter of 2018, the Company plans to drill and complete two additional extended lateral wells by the end of the year.
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