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PetroQuest Turns on Taps at First Multi-Well Cotton Valley Pad; 38 MMcfe/d
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PetroQuest unveiled results from its first Cotton Valley multi-well pad. As a result, the company has increased its Q3 2017 production guidance to 85-90 MMcfe (up from 80-84 MMcfe). The company is on track to hit 100 MMcfe by year-end.
The three well pad had a cumulative initial 24 hour gross daily rate of of 38,167 Mcfe/d (comprised of 27,697 Mcf of gas, 1,678 barrels of NGLs and 67 barrels of oil).
The wells on this pad had an average lateral length of 5,291 feet (sizably shorter than another recent PetroQuest Cotton Valley well, which had a 7,100' lateral). The Company estimates an average drill and complete cost of approximately $860 per lateral foot (~$4.5 million total).
The well with the highest proppant levels (PQ #25 - 1,216 lbs/lateral foot), had the highest production rates of…
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