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Midstates Petroleum Company, Inc. (NYSE: MPO) (the “Company” or “Midstates”) announced today the successful completion of the Musser-Davis 8H-1 horizontal well located in the North Cowards Gully Field in Beauregard Parish, Louisiana. The Midstates-operated horizontal well (100% working interest) was completed in the Upper Wilcox “B” formation and had an initial 14-day average gross production rate of 1,649 barrels of oil equivalent per day (Boe/d), or 1,190 barrels of oil, 197 barrels of natural gas liquids (Ngls) and 1,564 thousand cubic feet (mcf) of natural gas. The well is currently producing approximately 1,500 Boe/d as the Company continues to optimize production from the well. The 8H-1 well was drilled to a total measured depth of 14,273 feet, including a 2,218-foot lateral, and was completed with eight stages of fracture stimulation. Assuming continued positive performance from the Musser-Davis 8H-1 well, the Company believes it could have over 20 potential horizontal well locations at North Cowards Gully for future drilling.
John Crum, Midstates’ CEO and President commented, “We are very pleased with the Musser-Davis 8H-1 well. The strong initial production results from this well at North Cowards Gully, as well as continued good production results from our Musser-Davis 33H-1 at South Bearhead Creek completed in April of this year are clearly encouraging for further development of our Louisiana acreage with horizontal wells. We expect to test at least four additional horizontals in Louisiana before year-end 2012.”
This press release may contain forward-looking statements within the meaning of federal securities laws. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of words such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” “guidance,” and similar expressions. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. Factors that can affect future results are discussed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012 and other reports filed by the Company from time to time with the Securities and Exchange Commission. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.