Crimson Exploration – CXPO – Update on drilling activity
Crimson Exploration Inc. (NasdaqGM: CXPO) today announced an update on drilling activity in its two most active areas, the Woodbine play in Madison County, Texas and the Eagle Ford Shale in Karnes, Zavala and Dimmit counties, Texas.
Woodbine Horizontal Oil Redevelopment – Madison County, Texas
In Madison and Grimes counties, TX, Crimson is actively pursuing a drilling program on our 17,500 net acre position that is prospective for the Woodbine, Lewisville and Georgetown formations, among others. The Mosley #1H (88.8% WI), our first horizontal well targeting the Woodbine formation, began flowback operations on Friday, March 9th. Initial rates have been very positive as we clean the well up on a smaller choke. We expect to bring the well up to full rate over the next few weeks and will report results at that time. The well was drilled to a total measured depth of 15,650 feet, including a 6,300 foot lateral, and was completed using 23 stages of fracture stimulation.
Allan D. Keel, President and Chief Executive Officer, commented, “We are very encouraged by the initial results of the Mosley well and look forward to sharing results upon finalizing flowback operations. Initial production appears to be in-line with results area operators have experienced and we expect the Woodbine to provide the oil growth necessary to achieve 50% liquids production.”
Eagle Ford Shale – Karnes, Zavala and Dimmit Counties, Texas
The Glasscock A #1H (95.5% WI), located in Karnes County, Texas targeting the Eagle Ford Shale, commenced production at a gross initial production rate of 726 Boepd, or 665 barrels of oil and 365 mcf, on a 13/64th choke and 2,743 psi of casing pressure. Results from prior wells have been reported on 16/64” chokes, and Crimson expects to maintain this well at current choke size to determine the benefit of more restricted rates on EUR in this field. At the end of February, the Glasscock B #1H (93.7% WI) well spud and is currently drilling in the lateral section at 11,687 feet. The B #1H will be drilled to a total measured depth of 15,375 feet, including a 4,350 foot lateral with 18 – 20 stages of fracture stimulation. Completion operations are expected to commence in early April, with initial production expected to commence later in that month. The Glasscock acreage was acquired by Crimson in 2011 after the success experienced on the adjacent Littlepage McBride lease.
Allan D. Keel, President and Chief Executive Officer, said, “While the initial rates in the Beeler well have not been as high as we have experienced in Karnes County, it appears consistent with results we have seen by other operators in the immediate area. CXPO is still optimistic that this will be a very economic source of oil production growth and is aggressively studying the optimum lateral length, stimulation recipe, and flowback design required to maximize profitability in this area. We have validated that hydrocarbons are present in this part of the Eagle Ford Shale and will spend time determining that set of best practices before we drill additional wells in this area.”
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht. |
