Crimson Hits Oil Pay at Woodbine Well
Crimson Exploration Inc. announced Tuesday the successful completion of the Payne #1H (92.1% WI), its sixth horizontal well targeting the Woodbine formation. The Payne tested at a gross initial production rate of 1,332 barrels of oil equivalent per day (boepd), or 1,128 barrels of oil, 112 barrels of natural gas liquids and 554 mcf of natural gas, on a 40/64th choke and 328 psi of tubing pressure. The well was drilled to a total measured depth of 16,130 feet, including a 7,460 foot lateral, and was completed using 26 stages of fracture stimulation.
The Payne #1H is located in Crimson's Force Area in Madison County, TX where the Company has approximately 5,975 net acres, or 34 additional net drilling locations based on 160 acre spacing. Including the Payne well, Crimson has successfully completed three operated wells and one non-operated well in the Force Area with an average IP rate over 1,300 boepd, and an initial oil rate of over 1,140 barrels of oil per day (bopd). The 1,140 bopd average for Crimson's wells is significantly higher than the industry average in the area of 600 bopd. The performance from Crimson's wells demonstrates that this area continues to respond positively to longer laterals and perf and plug completion techniques.
Allan D. Keel, President and Chief Executive Officer, commented, "We are very pleased with the results of the Payne #1H and our continued success operating in the Woodbine formation. With four wells now drilled in the Force Area (three operated and one non-operated) averaging over 1,300 boepd in initial rate, we are confident our 5,975 acre position in that area is substantially de-risked, thereby providing a repeatable, high margin source of oil production and reserve growth potential for Crimson. We are currently drilling in the lateral section of the Covington-Upchurch #1H well in our Iola-Grimes Area, and given success there, combined with our producing A. Yates #1H well, will have substantially de-risked the 7,650 net acres we have in that part of the Woodbine play."
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