Post Tagged with: "operations"

Source: Borr Drilling

Borr Drilling Awarded Contract by Pemex

By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling is awarded its fourth Mexican contract in less than nine months Borr Drilling (stock ticker: BORR), an international drilling contractor headquartered in Bermuda, has been awarded a contract by Petróleos Mexicanos (Pemex) for the employment of a jack-up drilling rig. Previously, the company has entered into two other similar contracts with Pemex. The first rig, the Grid, has arrived on site and is currently commencing operations, and the second rig, the Gersemi, is expected to commence shortly thereafter. The design of the Grid and the Gersemi (source: Borr Drilling) The Grid and the Gersemi, both Liberian-flagged self-elevated drilling units, have an operati… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

We Can Ramp Production Back Up to Pre-Cut Levels in 60 Days: Rosneft

We Can Ramp Production Back Up to Pre-Cut Levels in 60 Days: Rosneft

Russian giant Rosneft Oil Company (ticker: ROSN) reported a Q1 2018 net income of USD$1.5 billion (RUB$81 billion) with a spending budget of $3.9 billion (RUB$223 billion). More multistage fracs, horizontal wells The company produced 5.71 MMBOE in Q1 2018. The number of new wells commissioned increased by 22% to 809 wells, Rosneft said, with horizontal wells up to 39%. The number of new horizontal wells with multistage fracs is up by more than 65% year-over-year. In the quarter, development drilling was at 2.8 million meters, with in-house drilling at 60%. Key projects Rosneft’s largest asset, RN-Yuganskneftegaz, demonstrated a stable production growth. On the back of advanced drilling technology applied last year and development of the Tyumen suite, oil output is exceeding 190 kilotons per day, up by 10.8% year-over-year. According to the company, production levels at the greenfields – including the Kondinskoye, the Yurubcheno-Tokhomskoye and the Srednebotuobinskoye – exceeded[Read More…]

Going Gangbusters in the STACK: Alta Mesa Resources Running 8 Rigs, Expects 170+ Wells in 2018

Going Gangbusters in the STACK: Alta Mesa Resources Running 8 Rigs, Expects 170+ Wells in 2018

Alta Mesa Resources, Inc. (ticker: AMR) produced 24,000 BOEPD in Q1 2018 and exited the quarter with average net production of 25,800 BOEPD in March. Overall, total production for the first quarter of 2018 was 2,162 MBOE. According to Alta Mesa, production for 2018 is expected to average between 33 MBOEPD and 38 MBOEPD. The company added rig number eight in May and completed 28 horizontal wells in the Mississippian-age Meramec/Osage section. Bayou City Energy and Alta Mesa funded 15 of the wells through a DrillCo. The company said it plans to maintain eight rigs and that 170-180 gross wells are scheduled for 2018. “We continue to ramp up activity in our STACK play with a focus on multi-well pad development,” CEO Hal Chappelle said. “We have a balance sheet that is capable of supporting our growth agenda and an integrated platform with Kingfisher Midstream to de-risk upstream growth.” Cimarron[Read More…]

Eclipse Resources Chairman and CEO Ben Hulburt

Eclipse Resources Utica Well Goes to 30,000 Feet TD with a 19.3K Horizontal

Super laterals made the difference: Eclipse had eight of Q4 2017’s top ten producing wells in Ohio – Hulburt Eclipse Resources Corporation (ticker: ECR) successfully drilled its longest Utica Dry Gas well to date. The Wiley D 8H had a total measured depth of approximately 30,130-feet and a lateral extension of approximately 19,335-feet in 20.5 days from spud to total depth, setting a new lateral length record for a dry gas well for the company. The company recently spud its first Flat Castle operated well, the Painter 2H, with an expected lateral length of approximately 13,500-feet in the company’s newly acquired Flat Castle acreage located in Tioga County, Pennsylvania. Eclipse has reaffirmed its Q1 2018 production guidance of 304 to 311 MMcfe/d, with the expectation that production will be above the midpoint. Chairman, President and CEO Benjamin W. Hulburt said, “The company’s two Marcellus wells, which were turned to sales[Read More…]

DCIM101MEDIADJI_0116.JPG rig

Lilis Energy Firing on all Cylinders

Lilis Energy, Inc. (ticker: LLEX) produced 575,229 net BOE in 2017, or 1,575 BOEPD on average. These production numbers represent an increase of 350% year-over-year. Average Q4 2017 production increased 206% to 1,925 BOEPD. “The last year in 2017 has been a very transformational one for Lilis. We positioned ourselves as a pure play Delaware Basin operator with a substantial, contiguous net acreage base currently with ~16,000 net acres. We expect to be at ~19,000 net acres by the end of the first quarter in 2018, upon completion of our announced acquisition. More importantly, our acreage has been acquired at very attractive acreage costs, substantially below implied acreage valuations in the public market for comparable companies,” Lilis Executive Chairman Ron Ormand said in a statement. “Our midstream system is expected to be fully operational in March 2018, which will allow us to flow our wells unconstrained and accelerate our completions[Read More…]

BetaZi LLC Lets Operators Solve Problems ‘Wicked Fast’

BetaZi LLC Lets Operators Solve Problems ‘Wicked Fast’

EnerCom Dallas presenter BetaZi will present at the Tower Club, Downtown Dallas, Wed. Feb. 21 BetaZi LLC creates production forecasting solutions for the oil and gas industry using physics-based predictive analytics. The company has been in operation since 2012 and has modeled over 400,000 wells – the results help decision makers from the oil patch all the way up to board rooms around the world. “We did the calculations to make production forecasts on more than three million wells in the U.S.,” BetaZi Founder and CEO Conradson said back in 2017. “That took BetaZi™ an enormous amount of computational power, but only 48 hours to complete.” BetaZi has multiple solutions BasinAlpha is a series of pre-computed, pre-packaged forecast-based intel bundles for sale on a per-basin basis. Each bundle is a library of BetaZi probabilistic well forecasts on every well in the basin, along with data, type curves, and basic economics.[Read More…]

February 9, 2018 - 1:42 pm Closing Bell Story, EnerCom Dallas 2018, People
Laredo Petroleum Announces Management Moves

Laredo Petroleum Announces Management Moves

Laredo Petroleum, Inc. (ticker: LPI) announced this week that Patrick J. Curth, senior VP of exploration and land, will transition to a senior advisor role in anticipation of his retirement in March 2019. VP of Exploration and Geosciences Technology James R. Courtier, VP of Reservoir Engineering Jason R. Greenwald and VP of Land Mark H. Elliott will jointly assume leadership of the company’s exploration, development and land initiatives. The three VPs will report directly to Chairman and CEO Randy A. Foutch. “The contributions of Pat Curth to Laredo cannot be overstated,” Foutch said. “As one of the original members of the Laredo team, Pat played a major role in the building of the company’s contiguous acreage position, leading our effort to apply horizontal drilling technology in the Permian Basin and building a deep bench of talented geoscience professionals. I have worked closely with Pat for 20 years and appreciate his[Read More…]

Lilis Energy Announces 2018 CapEx of ~$100 Million, $70 Million Delaware Basin Acquisition

Lilis Energy Announces 2018 CapEx of ~$100 Million, $70 Million Delaware Basin Acquisition

Lilis Energy, Inc. (ticker: LLEX) capped off the end of January with several notable announcements. The company plans to acquire more than 20,000 net acres in the Delaware Basin while maintaining two drilling rigs, targeting 14 gross (11 net) wells. The company’s 2018 D&C CapEx is fully funded and aims for a solid ~$100 million. As of January 27, 2018, Lilis Energy produced ~4,011 BOEPD (~75% liquids). The company is looking at a 2018 production exit rate of ~7,500 BOEPD. Executive Chairman Ronald Ormand commented, “Lilis’ 2018 operating plan will focus on delineating our acreage position, further de-risking of our eastern acreage and continued delineation of additional benches, specifically the Wolfcamp A, Wolfcamp XY and 2nd Bone Springs.  We plan to run a two-rig program consisting of a combination of 1 and 1 ½-mile laterals in order to move toward cash flow neutrality in 2019.” “Our plan is to drill[Read More…]

SilverBow Resources Releases 2018 CapEx and Guidance

SilverBow Resources Releases 2018 CapEx and Guidance

SilverBow Resources, Inc. (ticker: SBOW) recently announced its 2018 capital program of $245-$265 million. For 2018, SilverBow said that total company production is projected to average 175-195 MMcfe/d, an increase of approximately 25-40% from 2017 levels. This projection has been adjusted to include small noncore divestitures in 2017 and the Olmos divestiture planned for the first quarter 2018. 2018 capital program overview 70% of capital expenditures allocated towards drilling and completions Planned addition of second rig in second quarter 30-32 net wells drilled in 2018, compared to approximately 18 net wells in 2017 SilverBow CEO Sean Woolverton said, “Our team did a tremendous job executing on multiple fronts in 2017, including prosecuting a successful delineation drilling campaign, adding over 35,000 high-graded acres to our leasehold position at an attractive cost and increasing our liquidity to approximately $250 million. On the success of our 2017 activities, we have elected to add[Read More…]