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Diamondback Energy, Inc. Provides Interim Q4 2013 Operational Update

Stocks in this article: FANG

MIDLAND, Texas, Feb. 6, 2014 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today provided an operational update for the quarter ended December 31, 2013.

HIGHLIGHTS

  • Nine operated Wolfcamp B wells were completed during Q4 2013 with an average 24 hour initial production ("IP") rate of 848 boe/d (90% oil) from an average lateral length of 6,119 feet. Six of these wells have sufficient production history for an average peak 30 day rate of 613 boe/d (86% oil) from an average lateral length of 5,931 feet.
  • Q4 2013 production increased 41% to 10.4 Mboe/d, from Q3 2013, with oil increasing 48% over the same period, and a year-end exit rate in excess of 11.5 Mboe/d, reflecting a recovery from winter storms that impacted operations in the Permian Basin in Q4.
  • Total proved reserves as of year-end 2013 increased 58% to 63.6 MMboe (67% oil, 17% NGL's, 16% gas) from year-end 2012, with proved developed reserves increasing 143% over the same period.
  • Based on the year-end reserve report from Ryder Scott, type curves were adjusted across all areas; the biggest increase in estimated ultimate recovery ("EUR") was in the Lower Spraberry, with a 30% increase from 500 Mboe to 650 Mboe. The Middle Spraberry had a 13% increase from 500 to 565 Mboe, and the Wolfcamp B in the North Area of Diamondback's acreage had a 6% increase from 600 to 638 Mboe.
  • The Company tested 120 acre spacing, with a two well pilot and did not see any degradation in well performance. Both wells are performing consistent with prior wells. Diamondback expects that future Wolfcamp B development in Midland County will now be drilled using this 120 acre spacing.
  • The Kemmer 4210H, the Company's first non-operated lower Spraberry well in Midland County, achieved a peak 24 hour IP rate of 1,076 boe/d (91% oil) and a peak 30 day average rate of 955 boe/d (90% oil), from a 5,043 foot lateral.

OPERATIONS UPDATE

"The fourth quarter of 2013 was very active operationally as we integrated more than $600 million of acquisitions, initiated early development of our newly acquired acreage, withstood some challenging weather, further reduced drilling time and costs and continued on our planned growth trajectory for 2014.  In Martin County, our first well, the Mabee Breedlove 2201H with an 8,296 foot lateral in the Wolfcamp B, is currently flowing back.  The second Martin County well, the Nail Ranch 2601H with a 4,525 foot lateral in the Wolfcamp B, has been drilled and is awaiting completion," stated Travis Stice, Chief Executive Officer of Diamondback. 

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