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.
- 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.