HOUSTON, Aug. 28, 2012 /PRNewswire/ -- Sanchez Energy Corporation (NYSE: SN), a fast growing independent oil and gas company with a 95,000 net acre position in the liquids-rich Eagle Ford formation in South Texas, today provided an interim operations update highlighting its most recent well completions in southern Fayette County, Texas, located within its Marquis project area, where the Company has approximately 51,000 net acres in its core Fayette and Lavaca County area.
The Prost #1H (100% W.I.) was drilled to a total measured depth of 16,216 feet (with a 5,537 foot lateral) and was completed with a 14-stage fracture stimulation. Over a 24-hour period, the well flowed at a rate of 1,120 barrels of oil equivalent per day (BOE/d) on a 22/64-inch choke. The Prost #2H (100% W.I.) was drilled to a total measured depth of 17,168 feet (with a 5,500 foot lateral) and was completed with a 17-stage fracture stimulation. Over a 24-hour period, the well flowed at a rate of 1,369 BOE/d on a 22/64-inch choke. Production from both wells consists of approximately 90% 43-degree API gravity crude oil and 10% 1,400 BTU natural gas.
With approximately 51,000 net acres in its core Fayette and Lavaca County area in the Marquis area, the Company estimates it has between 420 and 630 future drilling locations in the project area, assuming an acreage spacing range of 120 to 80 acres. The Company believes that these future drilling locations in the Marquis area represent net resource potential of 140 million - 210 million barrels of oil equivalent from the Eagle Ford. The area is also prospective for the Austin Chalk, Pearsall Shale, and Buda Limestone. Currently drilling in the Marquis area is the Sante #1H. After completing this well the rig is anticipated to move back to the Prost area, where the Company estimates it has up to 32 additional development locations. In the Prost area, the Company is planning on constructing central production and gas gathering lines to facilitate an expanded development program.
The Company believes the strong performance of these most recent wells in the Marquis area, coupled with the previously announced Mark & Sandra #2H in the Company's Maverick area, which had an initial 24-hour production rate of 931 BOE/d, demonstrate the progress made in substantially de-risking the majority of the Company's acreage position in the Eagle Ford Shale trend. In its Maverick area, the Company has approximately 28,500 net acres, and estimates that it has between 235 and 350 future drilling locations with an estimated 60 million to 90 million barrels of oil equivalent of net resource potential.
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