[Context: On May 1, NGP-backed Tecolote Energy announced a new record well in its Panhandle play, called the Panhandle Oil Window Extended-lateral Resource (“POWER”) play. Further details and related links are below.]
PortCo: Tecolote Energy | NGP
Tecolote Energy Announces 4,164 BOEPD Well in the Western Anadarko ‘POWER’ Play; The aerial extent of Tecolote’s 210,000 net acres and the core of the ‘POWER’ play.
TULSA, Okla.–May 01, 2018–(BUSINESS WIRE)–Tecolote Energy, LLC, (“Tecolote”) a private oil and gas exploration and production company based in Tulsa, OK, announced today record well results from Tecolote’s most recent completion in the Panhandle Oil Window Extended-lateral Resource (“POWER”) play.
The Tecolote operated Little-Pyeatt 30-19 ME WX 1H extended lateral well was completed utilizing NEXTGEN completion technology in 9,518 feet of productive lateral within the Marmaton ‘E’ and achieved the highest 30-day initial production rate from the POWER play to date. The well produced at a 30-day initial production rate of 4,164 barrels of oil equivalent per day (“Boepd”) of which 55% of the production was comprised of oil and natural gas liquids. Production on a 24-hour basis peaked at 4,481 barrels of oil equivalent per day.
The Little-Pyeatt well provides confirmation that the play extends another 14 miles to the northwest of the previously announced Meadows-Clifford pad which includes two extended lateral wells, one producing from the Marmaton ‘D’ and one producing from the Marmaton ‘E’. The Meadows-Clifford 31-30 ME EX 2H has set additional production records by achieving the highest five-month cumulative production from a horizontal well in Hemphill county history at 375 thousand barrels of oil equivalent. Early results indicate the NEXTGEN completion technique has altered the type-curve decline profile of the wells in the play as the Meadows-Clifford 31-30 ME EX 2H production continues to exceed 3,000 Boepd five months after initial production. To date, the Meadows-Clifford pad has produced 575 thousand barrels of oil equivalent in the first five months of production.
Tecolote has completed six consecutive extended lateral wells in three separate Pennsylvanian reservoirs utilizing NEXTGEN completion technology with an average of 1,500 pounds of proppant per foot of lateral length. The six wells average 9,670 feet of productive lateral and an average 30-day initial production rate of 2,837 Boepd of which 58% of the production is comprised of oil and natural gas liquids.
“We are excited about the enormous growth potential we have available to us with over 2,000 identified locations across our 210,000 net HBP acres in the core of the Panhandle Oil Window,” said Tecolote’s CEO, Maurice Storm. “The production from the long laterals in this play continue to exceed our expectations and we are anticipating more strong results as we transition from delineation to full field multi-well pad development across multiple productive zones.”
About Tecolote Energy, LLC:
Tecolote Energy, LLC is a private oil and gas exploration and production company with offices in Tulsa, OK and Canadian, TX. Tecolote was formed in 2015 with capital from the management team and NGP, a premier private equity firm in energy capital management. Tecolote is applying extended lateral drilling and modern completion techniques to the 16 stacked oil and liquids-rich Pennsylvanian age reservoirs that underlie its 210,000 net HBP acres in the ‘POWER’ play.
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $17 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors.