TULSA, Okla.--(BUSINESS WIRE)--Tecolote Energy, LLC, (“Tecolote”) a private oil and gas exploration and production company based in Tulsa, OK announced today record results from four recently completed wells. The announcement includes the highest reported 30-day initial production rate from a Tecolote operated well to date and follows Tecolote’s previous announcement of record results from an extended-lateral well in the Cleveland reservoir.
The Tecolote operated Meadows-Clifford 31-30 MD EX 2H extended lateral well was completed in 9,933 feet of productive lateral within the Marmaton ‘D’ formation and achieved the highest 30-day initial production rate from a Tecolote operated well to date. The well produced at a 30-day initial production rate of 3,802 barrels of oil equivalent per day of which 50% of the production is comprised of oil and natural gas liquids. Production rates on a 24-hour basis peaked 54 days after first sales at 4,070 barrels of oil equivalent per day. The well eclipsed Tecolote’s previous record of 2,439 barrels of oil equivalent per day from the Mathers State 172-156 CL EX 1H well which was announced in October 2017.
On the same pad, Tecolote completed the Meadows-Clifford 31-30 ME EX 1H extended lateral well in 7,456 feet of productive lateral within the Marmaton ‘E’ formation and achieved a 30-day initial production rate of 2,596 barrels of oil equivalent per day of which 54% of the production is comprised of oil and natural gas liquids.
In addition, the company recently completed a separate two-well pad in the Marmaton ‘D’ formation. The Hayes-Reid 18-9 MD EX 1HR was completed in 8,369 feet of productive lateral and produced at a 30-day initial production rate of 2,119 barrels of oil equivalent per day of which 54% of the production is comprised of oil and natural gas liquids. The second well on the pad, the Hayes-Reid 18-9 MD CX 2H was completed in 10,144 feet of productive lateral and produced at a 30-day initial production rate of 2,016 barrels of oil equivalent per day of which 52% of the production is comprised of oil and natural gas liquids.
To date, Tecolote has completed five consecutive extended lateral wells in three separate Pennsylvanian reservoirs with modern completion and stimulation techniques utilizing greater than 1,000 pounds of proppant per foot of lateral length. The five wells average 9,700 feet of productive lateral and an average 30-day initial production rate of 2,572 barrels of oil equivalent per day of which 59% of the production is comprised of oil and natural gas liquids.
Tecolote is early in the application of modern drilling and stimulation techniques in the Panhandle Oil Window. While over 2,000 horizontal wells have been drilled in the play, only 22 wells are extended laterals (>7,500’ completed lateral length) and only four wells are super-extended laterals (>10,000’ completed lateral length). Tecolote drilled all four of the wells with completed laterals in excess of 10,000 feet.
“Our drilling results in the area we call the Panhandle Oil Window continue to exceed our expectations. As we apply new drilling and completion technology to our long laterals we have seen the results continue to improve and are demonstrating that our high flow rates are repeatable across a large area,” said Tecolote’s CEO, Maurice Storm.
About Tecolote Energy, LLC:
Tecolote Energy, LLC is a private oil and gas exploration and production company with offices in Tulsa, OK and Canadian, TX. Tecolote was formed in 2015 with capital from the management team and NGP, a premier private equity firm in energy capital management. Tecolote is applying extended lateral drilling and modern completion techniques to the 16 stacked oil and liquids-rich Pennsylvanian age reservoirs that underlie it’s 210,000 net HBP acres in the Panhandle Oil Window.
About NGP:
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $17 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. For more information visit www.ngpenergycapital.com.
