Milestone: Apollo’s Northwoods Energy discloses initial results for Wyo. wells

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[Context: On January 7, Apollo Global-backed Northwoods Energy announced initial results from three Wyoming formations. Further details and related links are below.]


Northwoods Energy LLC Announces Strong Production Results from Multiple Stacked Targets in the Powder River Basin in Wyoming

DENVER, Jan. 07, 2020 (GLOBE NEWSWIRE) — Northwoods Energy LLC (“Northwoods”), supported by investment funds affiliated with Apollo Global Management, Inc. (NYSE: APO), announced today initial results from three recently completed wells, targeting three separate formations (Shannon, Niobrara, and Frontier) in Converse County, Wyoming.

Shannon Formation – The Aspen 11W02-3SH generated an IP 24 hour rate of 1,860 barrels of oil equivalent per day (“boe/d”) (92% oil), an IP 30 day rate of 1,500 boe/d (91% oil) from a 9,864-foot lateral length (152 boe/d per 1,000’ lateral), and produced approximately 120,000 boe (89% oil) in the first 90-days.

Niobrara Formation – The Spruce 21W33-2NH generated an IP 24 hourly rate of 2,210 boe/d (78% oil) and an IP 30 day rate of 1,740 boe/d (78% oil) from a 9,628-foot lateral length (181 boe/d per 1,000’ lateral), and produced approximately 93,000 boe (67% oil) in the first 60-days.

Frontier Formation – The Pinon 14E23-7FH generated an IP 24 hourly rate of 2,330 boe/d (81% oil) and an IP 30 day rate of 1,740 boe/d (81% oil) from a 9,203-foot lateral length (189 boe/d per 1,000’ lateral).

Ryan Birkenfeld, President and CEO of Northwoods stated, “The Powder River Basin is a world-class basin containing multiple highly economic oil-weighted pay targets. Our recent well results demonstrate the prolific, stacked resource potential of the basin. We are especially excited by the results of our Niobrara well, which represents an important milestone for Northwoods and highlights our premier position within this repeatable play.”

Aspen 11W02-3SH is located in Section 11 & 02-39N-75W, Converse County, Wyoming (API: 49009466670000). Spruce 21W33-2NH is located in Section 28 & 33-40N-75W, Converse County, Wyoming (API: 49009296140000). Pinon 14E23-7FH is located in Section 14 & 23-38N-76W, Converse County, Wyoming (API: 49009351000000).

About Northwoods Energy LLC

Northwoods Energy LLC is an upstream oil & gas company based in Denver, CO and has over 190,000 net acres in the Powder River Basin in Wyoming. Northwoods is backed by investment funds affiliated with Apollo Global Management, Inc. and the Northwoods management team.