|Well||Mcfe/d||Lateral Length (ft)||Lbs Proppant/lateral foot|
In connection with the completion operations on this three-well pad, the Company varied proppant concentrations to provide comparative data to evaluate the relationship between frack size and resource recoveries. While it is early in the life of the wells, the Company believes that larger fracks should enhance already strong returns. PQ #25 utilized the largest volume of proppant per lateral foot of any of the Company's Cotton Valley wells and also has the highest initial production rate.The Company is also evaluating the results of the micro-seismic work that was performed in connection with the completion of this three well pad to quantify frack heights and propagation associated with the varied proppant concentrations utilized. By monitoring longer term flow rates, decline profiles and recoveries and assessing the various geophysical and completion data obtained in connection with this pad, the Company plans to optimize its completion design in the next generation of Cotton Valley wells. The Company has now drilled and completed five gross wells in connection with its 2017 Cotton Valley drilling program and is on track to drill and complete four additional gross wells during 2017 with three gross wells expected to be in progress at year-end. The Company has reached total depth on a two well pad, PQ #26 and #27 (average WI: 76%), to test the E-berry bench in the northern area of its Cotton Valley joint venture acreage and expects to begin completion operations in approximately three weeks. The two wells on this pad have an average lateral length of approximately 6,600 feet. Drilling operations are commencing on PQ #28 (WI: 75%), which is planned as a 4,700 foot lateral to develop the E-4 bench. The E-4 bench has delivered three of the Company's top five Cotton Valley wells in terms of reserve recovery per lateral foot.
As a result of better than expected production from existing wells, as well as performance from the latest three well pad, the Company is increasing its previously issued production guidance for the second and third quarters of 2017 as follows (in MMcfe/d):
|Previous Guidance Range||Revised Guidance Range|
|Second Quarter 2017||62-65||68-69|
|Third Quarter 2017||80-84||85-90|
For further information, contact:Matt Quantz, Manager - Corporate Communications(337) 232-7028, www.petroquest.com