Exploration & Production | Quarterly / Earnings Reports
Warren Plans to Drill 23 LA Basin Wells in 2013
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Warren Resources Inc. has reported a Q1 2013 update on its Wilmington Oil Field operations in the Los Angeles Basin in California.
During the first quarter of 2013 the Company drilled and completed three wells in the Wilmington Townlot Unit (WTU) in California, consisting of two producing wells in the Tar formation and one producer in the Upper Terminal formation. The thirty day initial production rates for each of the new Tar wells averaged 85 barrels of oil per day (BOPD). These new Tar wells typically experience a 50% to 60% reduction in producing rates after a few months, which is a normal decline. The new Upper Terminal well has not had sufficient operating time to calculate its thirty day initial production rate. In April, Warren contracted a second drilling rig and commenced…
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