Quest Partnership Completes 575 Wells at Cherokee Basin in 2007
Quest Energy Partners and its predecessor completed a total of 125 gross wells in the Cherokee Basin in the fourth quarter 2007 and 575 for the full year 2007. The Partnership had interests in approximately 2,254 net wells on December 31, 2007, up from the 1,682 gross wells operated by its predecessor on December 31, 2006. The Partnership plans to complete 325 gross wells in 2008, or approximately 27 per month.
At December 31, 2007, the Partnership had the right to develop approximately 558,000 net acres in the Cherokee Basin, of which approximately 48% were undeveloped. The Partnership has identified approximately 2,100 gross drilling locations on its acreage in the Cherokee Basin, of which approximately 800 were classified as proved undeveloped. These locations represent an approximate six and a half year inventory of drilling activity at the planned 2008 level of 325 wells.