“In addition, we are excited about the recently announced significant appraisal well results in the Paradox Basin where we own 75,000 net leasehold acres,” Hildestad said. “The potential of this play appears substantial. The Cane Creek Unit No. 26-2H well was tested at a stabilized rate of 647 barrels of oil per day and 561 thousand cubic feet of natural gas per day following two weeks of production. These results are based on a significantly restricted flow allowing our team to properly manage production operations, gather performance data and minimize natural gas flaring.”Natural gas prices are at a 10-year low and the company's dry natural gas properties are held by production. The company believes it has been prudent in curtailing natural gas production in an over-supplied market and instead focusing on its substantial liquids-based opportunities.
MDU Resources Reports First Quarter Earnings, Reaffirms 2012 Earnings Guidance
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