GeoResources, Inc., (NASDAQ: GEOI), today provided an operations
update.
BAKKEN SHALE OPERATED
We have drilled three Middle Bakken wells in Williams County,
North Dakota and are currently drilling our fourth Middle Bakken
well in eastern Montana. Our first operated Williams County well,
the Carlson #1-11H, was drilled on a 640 acre spacing unit and has
been completed as a Middle Bakken producer. The well tested at a
24-hour production rate of approximately 685 barrels of production
daily (“BOPD”), through a 4½” frac string, on a 29/64” choke. Harsh
winter conditions delayed operations and we just recently placed
the well on production. Average production was 350 BOPD and 316
barrels of water per day over a recent five day period of
continuous production. We own a 47.5% working interest in the well.
The Siirtola #1-28-33H has recently been fraced with 30 stages (18
sliding sleeve and 12 perf and plug) and was cleaning up with a 37%
oil cut which should improve to 50% or more as seen in nearby
wells. The well was flowing back at a rate of 840 BOPD and 480
MCFD, on a 26/64” choke through a 4½” frac string, prior to being
shut in due to severe weather and the resultant inability to
transport oil and water. We are currently in the process of fracing
the Anderson #1-24-13H. Our working interests in these 1,280 acre
spacing unit wells are approximately 34% and 35%, respectively. We
have moved the drilling rig to eastern Montana (details below) and
we expect to move the drilling rig back to Williams County and
pursue continuous development of our acreage by late April.
To date, we have acquired approximately 25,000 net acres in our
Williams County project, generally representing a 47.5% working
interest, within an area of mutual interest (“AMI”) being developed
with a subsidiary of Resolute Energy Corporation (NYSE: REN) and
another industry participant. We are the operator for our group.
Assuming full development on 1,280 acre spacing units, our group
has varying interests in 100 units. Our intent is to accelerate
drilling and we plan to add a second drilling rig during the
summer.
BAKKEN SHALE
NON-OPERATED
In our non-operated program located in Mountrail and adjacent
counties in North Dakota, we have participated in 85 wells drilled
by our primary operator, Slawson Exploration Company (“Slawson”)
with a 100% success rate. In addition, we own minor working
interests in numerous other wells within the Bakken/Three Forks
play. Slawson is currently running five drilling rigs on our North
Dakota acreage and we are continuing to seek to acquire additional
acreage and well interests in the project area.
The following table updates our prior operations releases
regarding our non-operated activities in the area. Generally, we
report only the wells operated by Slawson, but may include others
where the wells or our interests are meaningful. We do not report
our numerous minor interest wells. The table below lists activity
during the indicated quarters for such wells, with subsequent
production data, where available. We are reporting oil production
only, therefore excluding natural gas and equivalents, which are
less meaningful.
SPACING IP (BOPD) 1st
30 1st 60 UNIT WORKING
(1) (24-HR
DAY AVG DAY AVG CURRENT WELL NAME
(ACRES) INTEREST
RATE) (BOPD)
(BOPD) STATUS
3rd Qtr
2010
Armada Federal #1-14-13H 1,280 10.37% 1,407 1,059 855 Producing
Goblin #1-26H 320 2.40% 1,287 626 493 Producing Revolver #1-35H 640
1.90% 1,373 823 571 Producing Mole #1-20H 640 7.70% 615 485 402
Producing Silencer #1-29H 640 8.55% 1,172 644 576 Producing Jaguar
#1-32H 640 13.50% 1,120 570 426 Producing Muskrat Federal #1-28-33H
1,280 6.51% 1,050 558 671 Producing Vixen Federal #1-19-30H 1,280
6.52% 1,307 507 Producing Hunter #1-8-17H 1,280 6.08% Completing
Submariner Federal #1-23-24H 1,280 12.57% Completing Vagabond
#1-27H 640 4.95% Completing Water Moccasin #1-34H-TF 640 5.70%
Completing
4th Qtr
2010
Prowler #2-16H 640 5.86% 725 452 Producing Bandit #2-29H 640 7.35%
959 Producing Payara #2-21H 640 6.28% 1,069 Producing Genesis
#2-13H 640 8.51% Completing Loon Federal #1-24-25H 1,280 4.84%
Completing Mamba #2-20H 640 8.38% Completing Mustang #1-22H 640
4.75% Completing Nightcrawler #2-17H 640 6.67% Completing Hunter
#2-8-17H 1,280 6.08% Drilling
1st Qtr
2011
Alamo #2-19-18H 1,280 8.59% Drilling Ambush #1-31-30H 1,280 12.66%
Drilling Diamondback #2-21H 640 2.79% Drilling Jughead Federal
#2-26H 640 8.88% Drilling Orca Federal #1-23-26H 1,280 4.84%
Drilling Cruiser #2-16-9H 1,280 10.80% Waiting on Rig Dagger #1-10H
640 12.52% Waiting on Rig Jaguar #2-32H 640 13.50% Waiting on Rig
Muskrat Federal #2-28-33H 1,280 6.51% Waiting on Rig Wizard #2-35H
640 14.40% Waiting on Rig
(1) As used in the above table, “IP (BOPD)
(24 hr. rate)” is defined as the peak oil volume produced on a
daily basis through permanent production facilities that occur
within the first few days of initial production from the well.
At present, four wells are scheduled to commence drilling in the
second quarter of 2011 in which we expect to have working interests
in the 5% to 15% range. Additional wells are in the process of
being permitted and scheduled.
MONTANA
In Richland and Roosevelt counties of eastern Montana, we have
acquired approximately 9,000 net acres (7,500 operated) where we
are the operator of sixteen 1,280 acre spacing units and have
non-operated interests in several additional units. We initiated
our operated drilling program with the Wheeler Ranch #9-16, which
is a vertical Ratcliffe formation well, drilled to approximately
8,650’. The well has been drilled, casing set and is currently
waiting on completion, which is anticipated to occur in the next
several weeks. Our working interest in the well is 25%. Ratcliffe
producers in this area typically have long lives with initial oil
rates of 75 BOPD. A direct offset continues to produce with
cumulative production of 168,000 BO. In addition, we are currently
drilling our first Montana-operated Middle Bakken formation well,
the Olson #1-21-16H where we hold a 31.375% working interest.
To date, we have participated in three non-operated units. The
Swindle 16-9 #1H (9.375% working interest) is a 1,280 acre unit
well operated by Brigham Exploration which tested at a rate of
1,065 BOPD and is currently producing. We are participating with
Slawson in the Rip Rap project area with a 25% working interest and
to date, we have participated in two wells drilled on 640 acre
spacing units. The Renegade #1-10H has been completed as a producer
with an initial production rate of approximately 630 BOPD and an
initial 30 day average of 330 BOPD with a 60 day average of 260
BOPD and the Battalion #1-3H which is currently waiting on
completion.
EAGLE FORD
In January 2011, we initiated drilling our first Eagle Ford
unit, the Flatonia East Unit #1H which has been drilled and cased.
We are currently drilling the Flatonia East Unit #2H. This 900 acre
unit is located in southwest Fayette County, Texas. We plan to
drill and case the second well and frac both of them sequentially.
We intend to use down-hole micro-seismic techniques in one well
while fracing the other to evaluate the effectiveness of the frac
and required development spacing. At present, we are in the process
of forming five additional units, which we expect will be sized at
650 to 1,000 acres. We have assembled approximately 23,000 net
acres, including working interests ranging from 32.5% to 65%, in
Atascosa, Fayette, Gonzales and McMullen counties. Recent nearby
drilling and production activity, has confirmed our geological
analysis that the vast majority of our acreage is over-pressured
and in the volatile oil to high condensate windows of the Eagle
Ford trend.
QUARANTINE BAY
On March 20, 2011, the Company and its operating partner spud
the SL 195 QQ #365, a 3-D seismic supported prospect located in
Plaquemines Parish, Louisiana in which we hold a 20% working
interest. This exploratory well will target Cib Carst sands at
approximately 13,300 feet that produced oil in an adjacent deeper
fault block. Potential prospect oil and gas resources are estimated
at 1.3 MMBO and 937 BCF. Our operating partner is also initiating a
seven well workover program in an effort to restore oil production
from certain wells. The majority of this work should be expensed
during the second and third quarters of 2011 with our share of the
program estimated to be between $300,000 and $400,000.
ST. MARTINVILLE
We have drilled and completed the Conoco Fee A-53, located in
St. Martin Parish, Louisiana. The primary objective failed to trap
hydrocarbons and the well was completed as a marginal producer in a
Miocene sand at approximately 5,425 feet. Average production in the
first 30 days was about 25 BOPD. Our working interest in the well
is 97%. We continue to integrate the 3-D seismic and subsurface
geologic well control and during 2011 and 2012 we plan to drill
additional Miocene locations above 6,000 feet. The Conoco Fee #A-53
well is in a fault block that had not produced from the Miocene
objectives, its results provided additional data, but we do not
believe it impacts the reserve potential of other prospective fault
blocks.
Comments:
Frank A. Lodzinski, President and CEO of GeoResources, Inc.
commented, “We are off to a good start in 2011 with our operated
drilling programs in the Bakken and Eagle Ford. We are encouraged
by the results achieved so far and are working toward securing
additional equipment and services in order to accelerate our
activities. As we continue to evaluate results, we will consider
alternative fracing methods and procedures, including proppant and
stages. In addition, we have been expanding our technical staffing
in order to execute our drilling plans as efficiently as possible
and further expand our positions in our core areas.”
About GeoResources, Inc.GeoResources, Inc. is an
independent oil and gas company engaged in the development and
acquisition of oil and gas reserves through an active and
diversified program that includes the acquisition, drilling and
development of undeveloped leases, purchases of reserves,
exploration and re-engineering activities, currently focused in the
Southwest, Gulf Coast, and the Williston Basin. For more
information, visit our website at www.georesourcesinc.com.
Forward Looking Statements - Information included herein
contains forward-looking statements that involve significant risks
and uncertainties, including our need to replace production and
acquire or develop additional oil and gas reserves, intense
competition in the oil and gas industry, our dependence on our
management, volatile oil and gas prices and costs, uncertain
effects of hedging activities and uncertainties of our oil and gas
estimates of proved reserves and reserve potential, all of which
may be substantial. In addition, past performance is no
guarantee of future performance and results. All statements
or estimates made by the Company, other than statements of
historical fact, related to matters that may or will occur in the
future are forward-looking statements. Readers are encouraged to
read our December 31, 2010 Annual Report on Form 10-K and our other
documents subsequently filed with the SEC regarding information
about GeoResources for meaningful cautionary language in respect of
the forward-looking statements herein. Interested persons
are able to obtain copies of filings containing information about
GeoResources, without charge, at the SEC’s internet site
(http://www.sec.gov). There is no duty to
update the statements herein.
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