Milestone: Avista-backed Laredo Energy VI announces Eagle Ford drilling results


[Context: Avista-backed Laredo Energy VI announces lower Eagle Ford completions and successful drill of longest measured depth well in Webb County. Further details and related links are below.]

Laredo Energy VI, LP Announces Nine Additional Completions in Webb County Lower Eagle Ford Development Program; Company Successfully Drills Longest Measured Depth Well Recorded in Webb County, Texas

HOUSTON–July 31, 2019–(BUSINESS WIRE)–Laredo Energy VI, LP (“Laredo” or the “Company”) announced today that it has completed nine new wells in the dry gas window of the Lower Eagle Ford Shale and drilled five wells that are now waiting on completion. All recently announced wells are part of the Company’s transition to a Lower Eagle Ford development drilling program initiated by the Laredo’s management team in 2017. Results are as follows:

  • The Reuthinger 123H and 124H are the Company’s most recently completed wells, drilled on a two-well pad at approximately 1,000′ well spacing. The wells were drilled to a true, vertical depth subsea (TVDSS) of 12,050′ with lateral lengths of 7,791′ and 8,576′, respectively. Initial production rates for the 123H and 124H were 12.2 Mmcfe/d and 12.1 Mmcfe/d at observed flowing casing pressures of 7,832 and 8,267 psia.
  • The Ellen C 13H and 14H were also drilled at 1,000′ well spacing to approximately 12,100′ TVDSS with lateral lengths of 5,976′ and 4,976′, respectively. The wells had restricted initial production rates of 12.1 Mmcfe/d and 11.0 Mmcfe/d with flowing casing pressures of 7,269 psia and 6,962 psia.
  • The Benavidas Family Minerals 15H and 16H were drilled from the same pad at 1,000′ well spacing to approximately 11,750′ TVDSS with lateral lengths of 5,776′. Initial production was 9.6 Mmcfe/d for both wells. The 15H and 16H had flowing casing pressures of 5,460 and 5,544 psia, respectively.
  • The Reuthinger 15H was drilled to 12,450′ TVDSS with a lateral length of 5,376′. The well had an initial production rate of 9.9 Mmcfe/d with flowing casing pressure of 7,434 psia.
  • The Needmore 23H and 24H were also dilled on a two-well pad at 1,000′ well spacing to a TVDSS of approximately 10,725′; lateral lengths were 6,976′ and 6,576′, respectively. Initial production rates of 10.7 Mmcfe/d and 10.0 Mmcfe/d at flowing casing pressures of 5,642 psia and 4,666 psia, respectively, were observed.
  • The Ellen C 106H was drilled to a measured depth of 24,001′ (12,212′ TVDSS with approximately 11,000′ of lateral), which is currently the longest measured depth drilled to-date by any operator in Webb County. This well is waiting on completion. The Ellen C 106H is one of five drilled and uncompleted wells in the Company’s inventory.

“Laredo has made great technological strides in drilling and completing long horizontal wells in the deep, over-pressured Eagle Ford Shale in Webb County, Texas. The results establish a low-cost, natural gas development near South Texas sales channels that can effectively supply Gulf Coast industrial demand, LNG, and Mexican exports,” said Michael J. Wieland, President and CEO of Laredo Energy. “Initially, this program is expected to be primarily fueled by gas from the Lower Eagle Ford. However, future locations may ultimately include other targets such as the Austin Chalk zone in this stacked pay asset. We are well on our way to building a full-scale, multi-well pad-driven development program that will provide a basis for strong growth at our Company for a decade and more.”

The Company has 156 producing wells of which 14 are the Lower Eagle Ford wells drilled since 2017. The remaining legacy wells produce from the Upper Eagle Ford, Austin Chalk, Escondido and Olmos formations. The Eagle Ford Shale lies across the entirety of the Company’s 71,600 gross (50,500 net) leasehold acreage position in Webb County, Texas.

About Laredo Energy

Laredo Energy VI, LP is a Houston-based, private equity-backed exploration and production company that operates in the dry gas window of the Eagle Ford Shale. The Company seeks to significantly grow asset value through a strategic and modern approach to drilling, completion, production and marketing practices, leveraging the team’s depth of experience exploring and producing South Texas reservoirs, including the Eagle Ford shale.

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