Midstates Petroleum Company, Inc. (NYSE: MPO) (the “Company” or “Midstates”) today provided an update on drilling operations including initial test results from the second successful horizontal Wilcox well at South Bearhead Creek in Louisiana and additional information on its third quarter 2013 drilling program and current production rates.
Midstates will participate in the Barclays CEO Energy-Power Conference in New York on Thursday, September 12; an updated investor handout prepared in conjunction with the conference has been posted to Midstates’ web site.
The Company said its current daily production has reached approximately 30,000 net barrels of oil equivalent (Boe) per day compared with 19,634 Boe per day that it averaged in the second quarter of 2013. Production from its Mississippian Lime/Hunton operations is currently at approximately 15,000 Boe per day, up 44% compared with 10,426 Boe per day in the second quarter. Production from its newly-acquired Anadarko Basin properties is currently at approximately 9,500 Boe per day, up 19% compared with approximately 8,000 Boe per day when the Company assumed control of the properties June 1, 2013. Production from its Louisiana operations is currently at approximately 5,500 Boe per day. Total Company production has averaged 29,200 Boe per day for the last two weeks. Midstates also confirmed its third quarter production guidance range of 27,000 to 28,000 Boe per day as well as its capital expenditure guidance of $170 to $180 million.
Midstates has five rigs active in its Mississippian Lime horizontal program in Oklahoma. The Company spud 15 operated wells and placed a total of 11 operated wells into production since July 1, 2013. Drilling is completed on a total of 11 additional wells and they are scheduled to be placed on production in the next several weeks. Midstates now has a total of 98 producing wells in the play that have experienced an approximate average 30-day initial production rate of 583 Boe per day.