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Spartan Cuts Drill Time to Four Days in Q3; Increases 2017 Production Guidance
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Spartan Energy reported its Q3 2017 update.
Highlights:
- Faster Drill Times: Delivered spud to rig release times as low as four days in the third quarter, down from an average of eight days when Spartan acquired the assets in 2014.
- Production Guidance Increased: Success of drilling program resulted in third quarter production exceeding budgeted levels, with current production in excess of 22,500 boe/d. As a result, Spartan is again revising our annual production guidance upward from 21,600 boe/d to 22,000 boe/d.
Q3 Drilling Activity
- Three rigs continuing to operate across our southeast Saskatchewan asset base
- Spudding of 32 (22.2 net) open-hole wells (including 8 (3.2 net) Ratcliffe wells), 6 (5.4 net) frac Midale wells and 1 (0.4 net) Torquay well
- Brought a total of 35 (26.5 net) wells on production in the quarter and had an additional 14 (8.7) net wells spud but not on production at the end of the quarter.
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