Cisco Energy, LLC Announces Successful Horizontal Drilling Program in Mississippi Lime Formation in Oklahoma.
Most recently, Cisco's Sawgrass 33-1H well, located in Section 33-25N-5W in Grant County approximately five miles south of Pond Creek, Oklahoma, tested 285 barrels of oil per day and 492 thousand cubic feet of natural gas per day, or 367 barrels of oil equivalent per day (BOEPD), and 2,400 barrels of water per day from a lateral drilled to a measured depth of 10,137 feet. The well, completed in December 2012, has an initial 30-day production rate of 288 BOEPD, which is 77 percent oil. The Sawgrass well is an east offset confirmation well to Cisco's Pebble Beach 32-1H well in Section 32-25N-5W and a north offset to Cisco's Barbados 20-1H well in Section 20-24N-5W in adjacent Garfield County.
The Pebble Beach 32-1H well was completed in July 2012 with a 30-day production rate of 176 BOEPD, which was 75 percent oil. The Pebble Beach well continues to produce at a rate of 203 BOEPD. The well produced 24 thousand barrels of oil equivalent over a five-month period from August 2012 to December 2012. The Barbados 20-1H well, located 3.5 miles south of the Sawgrass well, was completed in August 2012. The Barbados well had a 30-day production rate of 183 BOEPD, which was 82 percent oil, and is currently producing at a rate of 170 BOEPD. Cisco has a controlling interest in the offset sections surrounding the Sawgrass, Pebble Beach and Barbados wells.
In November 2012, Cisco also completed the Badger 3-1H well in Section 3-26N-7W in the Gilbert area of Grant County approximately 12 miles northwest of the Sawgrass well. The Badger well flowed at an initial 30-day production rate of 275 BOEPD.
"We are excited about what we've achieved in the Mississippi Lime where we have had great results across the core of our acreage position in 2012," said David Myers, Chief Executive Officer. "Our team has executed every phase of our original strategy that we initiated in early 2010 when we undertook a sizable geology-based leasing effort, acquiring about 30,000 net acres at extremely favorable terms. Our largely contiguous leasehold position reflects our early understanding of the importance of operational control and infrastructure development. Our planning has paid off. We have established disposal wells and electric-power capacity in our six primary operating areas that facilitate the uninterrupted low-risk development of our acreage."
Cisco's acreage is located in Oklahoma's Alfalfa, Grant, Garfield, Noble and Payne counties and is concentrated in contiguous acreage positions in Grant and Garfield counties. The company has participated in eight Cisco-operated and 13 non-operated wells and constructed five salt-water disposal well facilities since beginning its drilling program in January 2012. Click on this link for a map that shows the location of Cisco's acreage in the Mississippi Lime formation: http://www.ciscoenergyllc.com/acreage-lime.
Many oil and gas exploration and production companies are focused on the Mississippi Lime, an attractive liquids-rich play in a conventional carbonate reservoir. Producers are able to invest less capital in drilling and development activities compared with other liquids-rich plays because of the formation's shallow depth of 4,500 feet to 6,000 feet. The Mississippi Lime has a successful track record of producing from vertical wells. Producers are using advanced horizontal drilling techniques and multistage completion methodologies that allow them additional economic access to the play's abundant resources.
About Cisco Energy
Cisco Energy, LLC is a privately held independent oil and gas producer headquartered in Plano, Texas. The company is focused on the Mid-Continent Region.
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|Date:||Jan 24, 2013|
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