Crimson announced the successful completion and initial production on the Littlepage McBride #3H (53% WI) and #4H (53% WI) wells in Karnes County, TX and provided drilling updates for operations in Dimmit and Liberty Counties, TX.
South Texas Eagle Ford
In Karnes County, the Littlepage McBride #3H, targeting the Eagle Ford Shale formation, commenced production at a gross rate of 1,045 Boepd (965 Bopd and 479 Mcfpd) on a 14/64th choke and 3,057 psi of flowing tubing pressure. The well was drilled to a total measured depth of 16,613 feet, including a 5,918 foot lateral, with 15 stages of frac. The Littlepage McBride #4H, also targeting the Eagle Ford Shale formation, commenced production at a gross rate of 1,126 Boepd (1,002 Bopd and 744 Mcfpd) on a 14/64th choke and 3,072 psi of flowing tubing pressure. The well was drilled to a total measured depth of 16,803 feet, including a 6,061 foot lateral, with 20 stages of frac.
Allan Keel, President and Chief Executive Officer, commented, "We are very pleased with the results of our Karnes County program thus far and believe our decision to expand our 2011 capital budget to increase Eagle Ford development has proven successful. Our operations and technical teams have done exceptional jobs targeting and executing opportunities which have put us on track to achieve a production ratio of 50% oil and liquids by mid-year 2012."
Drilling operations have recently concluded on the Littlepage McBride #6H (53% WI) where the well was drilled to a total measured depth of 16,059 feet, including a 5,290 foot lateral. Located directly to the west, the Littlepage McBride #5H (53% WI) was drilled to a total measured depth of 16,200 feet in October, including a 5,460 foot lateral. It is expected that both wells will be completed, each with 18 stages of frac, by the end of this quarter. The rig was then moved to begin drilling the Littlepage McBride #7H (53% WI). This well is anticipated to be drilled to a total measured depth of 16,700 feet, including a 5,950 foot lateral and 18 stages of frac. Upon completion of drilling the #7H well, the rig will move one mile north to the Glasscock #1H (100% WI) also targeting the Eagle Ford Shale. Crimson intends to have an active program in this area through at least the first quarter of 2012.
In Dimmit County, Texas, Crimson spud the Beeler #1H (50% WI), targeting the Eagle Ford Shale formation. The well is expected to be drilled to a total measured depth of 14,140 feet, including a 7,500 foot lateral, with 15-20 stages of frac. Once drilling operations conclude, the rig will move back to Zavala County prior to year end to drill the KM Ranch #2H (50% WI).
In Liberty County, Texas, we are currently drilling the Schwarz #3 (64% WI) at 12,600 feet, targeting the Lower Cook Mountain formation, toward a total vertical depth of 14,200 feet. Crimson accelerated the drilling of this well in 2011 due to offset drilling activity. We anticipate completing the well by early first quarter of 2012. Upon completion of drilling the Schwarz #3, this rig will move to the Mosley #1H (~86 % WI) in Madison County, targeting the Woodbine Formation, where Crimson has approximately 15,500 net acres prospective for oil and liquids rich opportunities in the Woodbine and other formations that will be a focus area for the 2012 drilling program. Crimson expects to spend the balance of 2012 drilling Woodbine wells in the Madison/Grimes area.
Colorado Niobrara Shale
We continue to monitor activity in Adams, Weld, and Elbert Counties, CO where Crimson has approximately 11,000 net acres, held by production, that are prospective for the oil rich Niobrara Shale. Planned drilling activity by large DJ Basin operators has accelerated in the southern part of the play where Crimson's acreage resides. There are currently three permits within two miles of a portion of Crimson's acreage. Results of these wells will determine Crimson's strategy and activity level in 2012.
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