In Project Pangea, the University 45 A 703H was completed with 29 stages. The University 45 A 703H targeted the Wolfcamp “B” zone and flowed at maximum 24-hour rate of 875 Boe/d, made up of 743 barrels of oil per day (Bo/d), 73 barrels of NGLs per day and 354 Mcf of natural gas per day (Mcf/d). The University 45 A 703H well has produced at an average 30-day rate of 612 Boe/d, made up of 453 Bo/d, 88 barrels of NGLs per day and 428 Mcf/d. The Company also drilled the University 45 B 2402H and University 45 B 2403H in the Wolfcamp “B” zone. Both wells were recently completed and are in the early stages of flowing back fracture stimulation fluids.
In Pangea West, we tested the Wolfcamp “A” zone with two pilot wells, the Pangea West 6602H and the Pangea West 6601H. These wells were completed with 28 and 29 stages, respectively. The Pangea West 6602H flowed at an initial maximum 24-hour rate of 494 Boe/d, made up of 391 Bo/d, 57 barrels of NGLs per day and 278 Mcf/d. The Pangea West 6601H flowed at an initial maximum 24-hour rate of 461 Boe/d, made up of 388 Bo/d, 40 barrels of NGLs per day and 196 Mcf/d. Both wells are in the early stages of flowing back fracture stimulation fluids, and the daily production rate of each well continues to climb. The Company is encouraged by the production data from the first two pilot wells targeting the Wolfcamp “A” zone and plans to test the “A” zone in Project Pangea during the third quarter of 2012. The Company also plans to test central Project Pangea and northeast Project Pangea with horizontal wells during the third and fourth quarters of 2012.
J. Ross Craft, Approach’s President and CEO, said, “Our continued focus on the oil-rich Wolfcamp play drove production to the highest level in our Company’s history. Significantly, our oil production rose 120% compared to the prior-year period as we continue to shift our product mix from natural gas to oil and liquids. Looking ahead, we have many exciting plans for the second half of the year and beyond. We are pleased to have entered into development drilling in the “B” bench of the Wolfcamp, and we’re encouraged by our initial pilot wells targeting the “A” bench. The Company has plans to drill another test well to the “A” zone in Project Pangea during the third quarter of 2012. In addition, we are working on infrastructure plans that we anticipate will lower our trucking differential costs, as well as water sourcing plans. We expect to begin to realize the impact of adding a second rig in the Wolfcamp during the second half of the year, and believe that we are on track to continue to deliver strong production growth for 2012.”
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