The completion of the four wells brings the total number of producing wells in the project to seven and adds gross production of approximately 5.9 mmcfd to the existing base of 2.2 mmcfd--an increase of 268 percent. Teton's net gas production (25% working interest) has increased from approximately 550 mcfd to 2.025 mmcfd with these four wells.
The company also issued the following operations update:
New Production Four wells from a single drilling pad, located in Section 18, Township 6 South, Range 96 West, in Garfield County, Colo., with total depths of approximately 7,600 feet have been fracture-stimulated in 7 to 10 stages and completed in the Williams Fork member of the Mesaverde formation. The wells are flowing to sales at rates between 1.4 MMCFD and 1.9 MMCFD. Current combined production from the section 18 wells and existing wells from 2005 completions is approximately 8.1 mmcfd (gross).
Completion ActivityThree wells in Section 6, Township 5 South, Range 96 West are currently being frac'd. Production to sales from Section 6 is expected by the end of April.
Chevron 13-213, drilled in the fall of 2005 in Section 13, Township 6 South, Range 97 West, will be completed once snow has been cleared from the location.
Chevron 34B-13, the currently producing well located in Section 13, Township 6 South, Range 97 West, will be frac'd across three additional zones that were not opened when the well was originally completed.
Drilling ActivityIn 2006, three wells have been drilled from a single pad in Section 5, Township 6 South, Range 96 West. These wells are expected to be completed in June 2006. A fourth well is currently drilling form the same pad.
"We are pleased to see the contribution that the Section 18 wells are making to our net production," commented Andrew Schultz, Teton's VP of production. "Current gas flow rates exceed our original base case projections and we expect to see significant additional production growth as we and our partners execute our 2006 capex program."
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