Whitter Says Daily Production Reaches 20 mmcfed
Whittier Energy says that its current daily production has now reached 20 million cubic feet equivalent per day (Mmcfed). In addition, the Company has now successfully drilled 24 new wells out of a total of 27 wells drilled year-to-date in 2006 giving the Company an 89% overall success rate.
Eight wells that were drilled and completed in the first half of 2006 but awaiting pipeline connections have been connected and turned to sales. With these, the Company has experienced an increase in its net daily production of 3.8 Mmcfed since June 30, 2006. This equates to a 23% increase over the average rate experienced in second quarter of 2006 and a 43% increase over the average rate experienced in the first quarter of 2006. The Duhon #1 well located in Lafayette Parish, Louisiana remains shut-in for repairs but is expected to be returned to production by early September, 2006. The Company owns a 9.75% working interest in this well and expects production to be curtailed to a gross rate of approximately 6 Mmcfed (0.4 Mmcfed net) when it is brought back on line.
For the remainder of 2006, the Company expects to participate in 18 additional new wells. The Company currently has two operated and two non-operated drilling rigs running and expects to have two additional drilling rigs operating during September. The Company expects to drill four additional Yegua wells in its Southeast Texas 3-D project; six wells in South Louisiana, five wells in South Texas, two wells from its Imperial transaction and one additional well in the Windham field in the Permian Basin.
- Sterling Completes $145M Acquisition of Whittier (Mar 29)
- Whittier Stockholders Okay Sterling Merger (Mar 27)
- Sterling Energy to Acquire Whittier Energy for $188 Million (Jan 19)