Double Eagle Petroleum provides Niobrara initial production rates and update on operations
- For the year ended December 31, 2012, the Company realized production of 10.5 Bcfe as compared to 9.3 Bcfe for the same prior year period, a 13% increase.
- The Company and its partners continue to make progress on obtaining required permits and approvals for the field development plan and to perform 3-D seismic over certain parts of the Main Fork Unit in Utah.
Double Eagle Petroleum Co. (NASDAQ: DBLE) announced that the Company's Niobrara exploration appraisal well 41-12N had an initial 24 hour production rate of 467 barrels of oil equivalent (BOE). The production was composed of 70% 40 degree API oil and the rest natural gas. The aforementioned initial production rate does not include any potential production from the deeper Frontier and Dakota gas formations, which have already been perforated and fraced. The Company is waiting additional permitting to begin production from these deeper gas formations. Currently, the Company is installing a pumping unit on the well. As an appraisal well, the Company performed numerous downhole tests during drilling and completion to better understand the characteristics of the various formations. Investors are cautioned that, while the Company is pleased by the initial 24 hour rate, the sustainable rate of production will not be known until the well has produced for a longer period. The 41-12N well is the only Niobrara production well within approximately 25 miles and is near two Company-operated Dakota producing gas wells that may be candidates for recompletions in the Niobrara. The Company owns approximately 95% interest in the 41-12N well. The Company currently has approximately 37,000 net acres (69,000 gross acres) in the Atlantic Rim area.
Production for 2012
For the year ended December 31, 2012, the Company realized production of 10.5 Bcfe as compared to 9.3 Bcfe for the same prior year period, a 13% increase. For additional information regarding 2012 production and financial results, see the Company's additional press release issued today.
Main Fork Unit Exploration Update
The Company and its partners continue to make progress on obtaining required permits and approvals for the field development plan and to perform 3-D seismic over certain parts of the Main Fork Unit in Utah. Currently, the plan calls for the seismic shoot to occur in the summer of 2013.
Double Eagle continues to aggressively pursue strategic mergers and asset acquisitions that management believes will improve shareholder value. The Company is also assessing all its non-operated production and undeveloped acreage to evaluate opportunities for joint venture, pooling of interests, farm outs or dispositions.
Join 80,000 oil and gas professionals who receive our weekly newsletter.
You may unsubscribe at any time with one click.
Double Eagle Petroleum
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More
Upcoming OilVoice Training Course
Geomatics for Hydrocarbon Exploration and Production
This module is designed for people interested in the exploration and production of oil and gas who do not have a Geomatics background, specifically in GIS and remote sensing. It provides an introduction to GIS and remote sensing for geoscientists and non-geoscientists, though geoscientists already w...
All OilVoice Training Courses