Cimarex Energy (XEC) reported its second quarter of 2009 earnings and released data on its operations in the Woodford Shale in Oklahoma.
Cimarex Energy drilled 28 gross or 11 net wells in the Woodford Shale Cana play in Western Oklahoma. The company was producing 27 million cubic feet equivalent per day from the Woodford Shale as of 6/30/09.
Cimarex Energy has been working to get its cost of drilling and completion down, and recent statistics show that the company has been successful:
First six months of 2009 – The average completed well cost was $8.0 million, using an average horizontal lateral length of 3,700 feet. Cimarex Energy spent an average of 64 days to drill to total depth.
2008 - The average completed well cost was $10.3 million, using an average horizontal lateral length of 3,500 feet. Cimarex Energy spent an average of 77 days to drill to total depth.
Cimarex Energy is using an average estimated ultimate recovery (EUR) of 6.0 billion cubic feet equivalent for wells in the Woodford Shale. The company is operating three rigs here currently, and plans a total of 45 gross or 20 net wells in 2009. This would imply 17 gross or 9 net wells for the balance of 2009. ___________________________________________________________________
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