Chaparral Energy, Inc. (NYSE: CHAP) today announced an operational
update for its recent 11-well cube style, co-development Foraker
spacing test, as well as its three-well Denali partial spacing test
in Canadian County. The company also announced participation in
several upcoming investor conferences.
Recent Highlights
• Continued excellent performance from drilling and completion
capital program wells has increased total company production to
more than 28,000 Boe/d and forecasted second quarter 2019
production is expected to be above the high end of its previously
announced guidance range of 26,000 - 27,500 barrels of oil
equivalent per day (Boe/d)
• Announced average 30-day initial production (IP) results for
all 11, single-mile Foraker wells of 1,357 Boe/d, with 48% oil
- Achieved average 30-day IP results for all nine Meramec wells
of 1,491 Boe/d, with 50% oil
- Reached average 30-day IP results for the two Woodford wells of
754 Boe/d, with 39% oil
- Significantly exceeded 30-day and 60-day oil IP expectations,
with nine Meramec wells at 230% and 195% of oil type curve
respectively and two Woodford wells at 138% and 120% of oil type
curve respectively
• Continued strong results from the single-mile, three-well
partial section Denali spacing test
- Reported average 30-day IP results of 1,290 Boe/d, average
60-day IP results of 1,149 Boe/d and average 90-day IP results of
1,032 Boe/d
- Achieved 145% of oil type curve through 260 days
“We are excited about the outstanding initial
results we have seen from our operated Canadian County spacing
tests,” said Chief Executive Officer Earl Reynolds. “The Foraker
11-well cube style, co-development spacing test has clearly
demonstrated enhanced productivity, which we believe helps to
validate the upside potential of our cube-style, co-development
approach moving forward. The nine Meramec wells had an average
30-day IP rate of 1,491 Boe/d, which is 170% of our type curve
expectations. The Woodford wells are also performing above type
curve, with 30-day IP rates of 754 Boe/d, or 102% of our type curve
expectations. All 11 wells continue to flow naturally with no
artificial lift and the bottom hole pressure drawdown and gas-oil
ratio (GOR) trends are similar to nearby offset wells. These
outstanding production results, coupled with costs at or below our
type curve estimates, lead us to believe these wells will be some
of the most economic and capital efficient wells Chaparral has ever
drilled.”
“In addition to the Foraker results, we released
additional information about our Denali spacing test, which has
been online since September 2018,” Reynolds continued. “The
three-well Denali test had average initial 30-day IP rates similar
to the Foraker wells at 1,290 Boe/d. These wells have continued to
maintain strong performance and are 145% of our oil type curve
expectations after 260 days of production. The knowledge and
results gained from our two Meramec-target Denali partial section
spacing test were incorporated in our Foraker full section
development and were instrumental in helping maximize results. We
will continue to enhance our knowledge, apply operational
efficiencies and implement learnings on future spacing tests as we
build upon our recent success.”
“With our current production in excess of 28,000
Boe/d, we expect to exceed the high end of our previously issued
second quarter guidance. Our excellent capital efficient results,
such as the Foraker test, allow us to profitably grow production
and increase cash flow. This further increases our confidence that
we have the capital resources to continue to execute our planned
capital program and move closer to achieving cash flow neutrality.
As a reminder, following the Foraker spacing test, we transitioned
from four to three rigs and expect our second half 2019 capital
spend will be lower than the first half. We are proud of our
results and remain committed to creating long-term value for our
shareholders,” Reynolds concluded.
Operational UpdateChaparral
finalized drilling of its 11-well cube style, co-development
Foraker spacing test in Canadian County during the first quarter of
2019 and began completion of the wells late in the first quarter.
The multi-well test was drilled from three pads into three distinct
drilling targets, the Upper Meramec, Lower Meramec and Woodford.
There were four wells drilled into the Upper Meramec, five wells in
the Lower Meramec and two wells in the Woodford. The average
lateral length of the Meramec and Woodford wells were 4,934 and
4,949 feet respectively. To maximize the completion efficiency, the
wells were fracture stimulated in a manner which was designed to
create the greatest amount of near wellbore complexity, while
maintaining sufficient pressure boundaries to minimize inter-well
frac communication. This technique allowed Chaparral to reduce
cycle time and establish production on the East pad while
finalizing completions operations on the West pad.
The average 30-day IP rate for all 11 wells was
1,357 Boe/d, with 48% oil and 73% liquids. The nine Meramec wells
had an average 30-day IP rate of 1,491 Boe/d, with 50% oil and 74%
liquids. All nine Meramec wells are significantly outperforming the
company’s type curve expectations and have achieved 30-day and
60-day oil IP rates at 230% and 195% of oil type curve
respectively. The bounded, or middle wells in the Meramec
formation, are performing in line and in some cases better than the
half bounded wells. The two Woodford wells had an average 30-day IP
rate of 754 Boe/d, with 39% oil and 69% liquids. These Woodford
wells are outperforming the company’s type curve expectations, with
an average 30-day and 60-day oil IP rate at 138% and 120% of oil
type curve respectively.
In addition, the average capital cost per well
for the Foraker test continues to track below Chaparral’s average
AFE estimates of approximately $4.4 million. This was primarily
driven by drilling and completion efficiency gains, with the
company realizing significant increases in drilling feet per day
and frac stages completed per day. As such, the cycle time was
accelerated to 133 days from spud to first sales and the entire
project was brought online two weeks ahead of schedule.
In the third quarter of 2018, Chaparral brought
online its first Canadian County Merge Miss partial section spacing
test. The three-well Denali pad exceeded type curve expectations,
producing at an average 30-day IP rate of 1,290 Boe/d per well, of
which 75% was liquids. These wells have continued to perform above
type curve, with a 60-day IP rate of 1,149 Boe/d (140% of type
curve) and a 90-day IP rate of 1,032 Boe/d (134% of type curve).
These wells have now been on production for more than 260 days and
have achieved 145% of the company’s oil type curve
expectations.
Upcoming Investor
ConferencesChaparral is planning to participate in the
Louisiana Energy Conference in New Orleans on Wednesday, May 29 and
the Bank of America Merrill Lynch 2019 Energy Credit Conference on
Thursday, June 6 in New York City. The company has also provided an
updated investor presentation, which is available at
chaparralenergy.com/investors.
Statements made in this release contain “forward-looking
statements.” These statements are based on certain assumptions and
expectations made by Chaparral, which reflect management’s
experience, estimates and perception of historical trends, current
conditions, anticipated future developments, potential for reserves
and drilling, completion of current and future acquisitions and
growth, benefits of acquisitions, future competitive position and
other factors believed to be appropriate. These forward-looking
statements are subject to certain risks, trends and uncertainties
that could cause actual results to differ materially from those
projected. Among those risks, trends and uncertainties are our
ability to find oil and natural gas reserves that are economically
recoverable, the volatility of oil and natural gas prices, the
uncertain economic conditions in the United States and globally,
the decline in the reserve values of our properties that may result
in ceiling test write-downs, our ability to replace reserves and
sustain production, our estimate of the sufficiency of our existing
capital sources, our ability to raise additional capital to fund
cash requirements for future operations, the uncertainties involved
in prospect development and property acquisitions or dispositions
and in projecting future rates of production or future reserves,
the timing of development expenditures and drilling of wells, the
impact of natural disasters on our present and future operations,
the impact of government regulation and the operating hazards
attendant to the oil and natural gas business. Initial production
(IP) rates are discrete data points in each well’s productive
history. These rates are sometimes actual rates and sometimes
extrapolated or normalized rates. As such, the rates for a
particular well may decline over time and change as additional data
becomes available. Peak production rates are not necessarily
indicative or predictive of future production rates or economic
rates of return from such wells and should not be relied upon for
such purpose. The ability of the company or the relevant operator
to maintain expected levels of production from a well is subject to
numerous risks and uncertainties, including those referenced and
discussed above. In addition, methodology the company and other
industry participants utilize to calculate peak IP rates may not be
consistent and, as a result, the values reported may not be
directly and meaningfully comparable. Please read “Risk Factors” in
our annual reports, form 10-K or other public filings. We undertake
no duty to update or revise these forward-looking
statements.
About Chaparral Chaparral Energy (NYSE: CHAP)
is an independent oil and natural gas exploration and production
company headquartered in Oklahoma City. Founded in 1988, Chaparral
is a pure-play operator focused in Oklahoma’s highly economic
STACK/Merge Play, where it has approximately 132,000 net acres
primarily in Kingfisher, Canadian and Garfield counties. The
company has approximately 225,000 net surface acres in the
Mid-Continent region. For more information, visit
chaparralenergy.com.
Investor Contact |
Media Contact |
Scott Pittman |
Brandi Wessel |
Chief Financial Officer |
Communications Manager |
405-426-6700 |
405-426-6657 |
investor.relations@chaparralenergy.com |
brandi.wessel@chaparralenergy.com |
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