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Panhandle Records 24% Drop in Oil Production YOY; 217.7 MBbls
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Panhandle reported its Q3 2017 results. Highlights include:
- Oil production decreased 24% in the 2017 nine months to 217,650 barrels from 285,854 barrels in the 2016 nine months.
Drilling Activity:
A total of ten wells have been drilled on our Eagle Ford leasehold during 2017, and the drilling rig has now been released.
In the Permian Basin, QEP is producing its second Woodford Shale test well on our contiguous 43.6-square-mile mineral holdings in Andrews and Winkler Counties, Texas. After 57 days on sales the well has cumulative production of 16,200 Boe and is currently producing 239 Boe per day.
In the STACK/Cana play, the Company is participating with a 17.5% working interest and a 16.25% net revenue interest in six Woodford Shale wells operated by Cimarex Energy. All six wells have been completed and are in the early stages of completion fluid recovery.
In the southeastern Oklahoma Woodford Shale, Panhandle participated in eight significant wells operated by BP, with an average 20% working interest and 27.4% net revenue interest. Four of the wells began producing late in the second quarter of 2017 and the remaining four began producing during the third quarter. Together, these eight wells produced at the combined net rate of 6.9 Mmcf per day in the most recent 30 day period.
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