That and the IP rates are up, even though they are drilling 2x1 OK vs KS. From the Feb presentation, they drilled 4x1 OK vs KS and avg 30 day IP was 337. Concentrating on better acreage is a good call. Plenty of sites, and I like the urgency shown by new mgmt to get it to completion, rather than just keep the gravy train of high salary going on forever.
"Brought on 111 Mississippian Wells with an Average 30-day IP of 377 Boe per Day during the Second Quarter"
PRODUCTION & GUIDANCE
- Mississippian Production Averaged 47.3 MBoe/D (50% oil)
- Increasing 2013 Mississippian Production Guidance by 4% to 16.8 MMBoe and Total Company Production Guidance by 2% to 33.3 MMBoe
- Brought on 111 Mississippian Wells with an Average 30-day IP of 377 Boe per Day during Q2
- Completed 6 Q2 Mississippian wells with 30-day IPs 1,000 Boe per day within Alfalfa and Grant counties
- Gulf of Mexico and Gulf Coast assets produced 28.7 MBoe per day during the quarter (53% oil).
- Stacked pay testing program continued to yield encouraging results during Q2 - 5 Mississippian wells testing new zones in areas of existing production delivered an average 30-day IP of 255 Boe per day, 8 Mississippian wells drilled in the middle zone delivered an average 30-day IP of 708 Boe per day, and identified upper zone development potential
Average Mississippian Well Cost decreased from $3.1 to $2.95 Million
Best part is that the more they drill...the better they will get in identifying most productive areas. And every few days they will have more wells producing which will drive earnings higher. The Miss is being proven to be the real thing. Good Luck
Ya all liking the results of the Miss...Ya see Ward wqsn't Stupid! never could anyone get it thru ya all heads that there was 60 plus years of verticle well data which included tens of thousands of wells to base an opinion on the Miss play for horzonal results... Sheesh this was NO SURPRISE! that there would be good results this qtr...