Crimson Exploration Inc. Provides an Eagle Ford Shale and Woodbine Operational Update
Crimson Exploration Inc. (Nasdaq: CXPO) announced another successful oil well in Karnes County, Texas and provided status updates for current Eagle Ford and Woodbine wells currently in process.
Eagle Ford Shale - South Texas
In Karnes County, the Littlepage McBride #7 (53% WI) commenced production at a gross initial production rate of 1,019 Boepd, or 840 barrels of oil, 67 barrels of natural gas liquids, and 672 thousand cubic feet of gas per day, on a 16/64th choke and 2,119 psi of flowing tubing pressure. The well was drilled to a total measured depth of 16,435 feet, including a 5,950 foot lateral, and was completed using 19 stages of fracture stimulation. Average gross initial production rates for our seven wells in this area is 1,060 Boepd. One mile north of the #7 well location, the Glasscock A #1 (95.5% WI) is currently drilling at 14,439 feet toward a total measured depth of 16,870 feet, including a 6,000 foot lateral. We anticipate completing this well, using 18 - 20 stages of fracture stimulation, during the latter part of the first quarter.
In Dimmit County, the Beeler #1 (50% WI) was drilled to a total measured depth of 14,428 feet, including a 7,200 foot lateral, and was completed using 20 stages of fracture stimulation. Flowback operations have recently begun and we anticipate having production results in the following weeks.
In Zavala County, the KM Ranch #2 (50% WI) was drilled to a total measured depth of 12,875 feet, including a 6,100 foot lateral, and will be completed using 20 stages of fracture stimulation. This well was drilled in 15 days which is an 11 day improvement over the Beeler and the KM Ranch #1 wells. We anticipate completion operations to begin in the latter part of the first quarter with first production expected in April.
Woodbine Formation - Southeast Texas
In Madison County, the Mosley #1H (89% WI) is drilling at 14,065 feet toward a total measured depth of 16,930 feet. Crimson anticipates conducting 20 - 24 stages of fracture stimulation in the planned 7,500 foot lateral and remains on schedule to commence completion operations mid-February with initial production, given success, expected to begin in early March. Upon completion of drilling operations at the Mosley #1H, the rig will move approximately 1.5 miles to the north to begin drilling operations on the Grace Hall #1H (68% WI). As indicated in our capital budget, we anticipate being active in the Woodbine for all of 2012 and have already permitted 3 additional wells, with 6 more permits planned for the year.
Crimson Exploration is a Houston, TX-based independent energy company engaged in the acquisition, development, exploitation and production of crude oil and natural gas, primarily in the onshore Gulf Coast regions of the United States. The Company owns and operates conventional properties in Texas, Louisiana, Colorado and Mississippi, including approximately 5,400 net acres in the Haynesville Shale, Mid-Bossier, and James Lime plays in San Augustine and Sabine counties in East Texas, approximately 8,000 net acres in the Eagle Ford Shale in South Texas, approximately 17,000 net acres in Madison and Grimes counties in Southeast Texas and approximately 11,000 net acres in the Denver Julesburg Basin of Colorado.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.