Exploration & Production | Drilling / Well Results | Top Story
Nextraction Resumes Pinedale Anticline Production After Shut-In
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Nextraction Energy Corp. has resumed production from its Noble 6-24 well on the liquids-rich Pinedale Anticline in western Wyoming, USA.
The Well was shut-in in December 2011 due to depressed natural gas prices; however with the rebound of natural gas prices over the winter (currently $4.56/mcf at Opal Wyoming) and the continued strength of oil prices, Nextraction placed the well back on production on January 6, 2014.
Over the first 2 weeks of production, the well has produced an average of 650 mcf/d (108 boe/d) of natural gas and 30 bbl/d of oil, for a combined rate of 138 boe/d. These rates are consistent with what the well produced when it first came on production in July 2010 and the Company is very encouraged by these results.
At year-end 2012, Nextraction had Proved plus Probable reserves of 1,093 MMcf of natural gas and 22,000 bbl of oil assigned to the Noble 6-24 well, with a Net Present Value (before tax, discounted at 10%) of $2.1 million. As well, the Company had 2 undeveloped locations assigned with a combined total of 4,785 MMcf of natural gas and 96,000 bbls of oil of Proved plus Probable reserves with a Net Present Value (before tax, discounted at 10%) of $3.3 million. Nextraction owns 1,900 net acres of land in the Pinedale area.
Company President Kent Edney states, "After being shut-in for two years, we are excited with the initial production rates from the Noble 6-24 well. We have made changes to personnel in the field and the approach to production is allowing the well to produce at some of the best rates in its history. The anticipated increase to cash flow provides a strong start to 2014 for the Company."