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PetroQuest Cuts Well Costs in the Woodford; Talks Results
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PetroQuest Energy Inc. has reported a third quarter 2014 update on its Woodford operations.
The Company recently established production on three new wells in its West Relay field. These three wells (average NRI - 37%) achieved an average maximum 24-hour gross rate of 2,100 Mcf of gas and 365 barrels of natural gas liquids per well.
The Company estimates that the average per well gross cost for these three wells was approximately $3.9 million compared to the average per well gross cost of approximately $5 million for its North Relay field development. In addition, the Company recently completed a four well pad (average WI - 44%) which is in the early stages of flowback. The Company plans to bring on 13 wells during the fourth quarter in addition to the three wells reported above.
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