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Wildhorse Touts Fastest Austin Chalk Drill Time to Date; Talks Key IPs from Q3

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   |    Monday,November 26,2018

WildHorse Resource Development reported its Q3 2018 results.

WildHorse recently inked a deal in which it will be acquired by Chesapeake Energy for nearly $4 billion.

Production & Drilling Highlights:

- Q3 production of 49.0 Mboe/d - up +34% YOY and up +5% from 2Q18

- Brought online 27 gross (25.8 net) Eagle Ford wells and 4 gross (3.3 net) Austin Chalk wells in the third quarter of 2018

- Achieved the fastest drilled WRD Austin Chalk well to date at 17.9 days from spud to rig release and reduced the target Austin Chalk drilling time in Washington County from 30 to 24 days spud to rig release

Key Well Results:

• The Windel Goodson A 1H/Stern 144 Christian EF Unit #1H and #2H, three Eagle Ford wells in Burleson County, achieved an average peak IP-30⁽¹⁾ of 833 Boe/d (91% oil) on an average 7,421' lateral

• The Madeline 1H/Baggett 1H, a 2-well Austin Chalk pad in Washington County, achieved an average peak IP-30of 2,444 Boe/d (15% oil, 31% NGLs, and 54% natural gas) or 14.7 MMcfe/d on an average 5,581' lateral

• The Thorpe #1H/Draeger #1H, a 2-well Austin Chalk pad in Washington County, achieved an average peak 24-hr IP rateof 2,584 Boe/d (1% oil, 36% NGLs, and 63% natural gas) or 15.5 MMcfe/d on an average 5,752' lateral

Ops Summary

WRD reported third quarter 2018 average daily production of 49.0 Mboe/d consisting of 73% oil, 15% natural gas, and 12% NGLs. WRD brought online a total of 31 gross (29.1 net) wells including 27 gross (25.8 net) Eagle Ford wells, 4 gross (3.3 net) Austin Chalk wells, and 4 refracs in the third quarter 2018.

In the Eagle Ford, the Windel Goodson A 1H/Stern 144 Christian EF Unit #1H/ Stern 144 Christian EF #2H, three Eagle Ford wells in Burleson County, achieved an average peak IP-30⁽¹⁾of 833 Boe/d (91% oil) on an average 7,421' lateral.

In the Austin Chalk, WRD brought online 4 gross wells. The Madeline 1H/Baggett 1H, a 2-well Austin Chalk pad in Washington County, achieved an average peak IP-30⁽¹⁾ of 2,444 Boe/d (15% oil, 31% NGLs, and 54% natural gas) on an average 5,581' lateral.

Another Austin Chalk two-well pad in Washington County, the Thorpe #1H/Draeger #1H, was brought online in late September and has so far achieved an average peak 24-hr IP rate⁽¹⁾ of 2,584 Boe/d (1% oil, 36% NGLS, and 63% natural gas) on an average 5,752' lateral. The Thorpe #1H was the fastest WRD drilled Austin Chalk well to date at 17.9 days from spud to rig release. Due to the continued drilling outperformance in the Austin Chalk, WRD is lowering its target Austin Chalk drill time in Washington County from 30 days to 24 days spud to rig release. WRD expects to have one additional Austin Chalk well in Washington County in the fourth quarter bringing the total to 9 Austin Chalk wells for the year.