Data points regarding drilling/fracking/rigs. The first data point (several sub-points):
- At end of the 3rd quarter (September 30), Oasis had 21 gross (15.6 net) operated wells waiting on completion
- At end of the 3rd quarter (same date), Oasis was drilling 7 gross (5.4 net) operated wells
- Thus, on September 30, Oasis had 15.6 net wells waiting to be completed and 5.4 net wells being drilled --> 21 net wells
- For the entire third quarter (three months, July - Aug - Sept), Oasis completed 17.4 net wells
- Repeating for my benefit: if I'm reading this correctly, Oasis completed 17.4 wells in three months (3Q11) but yet on the last day of that quarter, they had 21 new wells waiting for completion or being drilled, and the fourth quarter was yet to begin.
Second data point, rigs:
- Oasis now running nine operated rigs, an increase of two rigs above the seven they were running on Sept 30
- Again, for my benefit: less than a month ago, Oasis had seven rigs; now they have nine
- Year-over-year: production increased by 110%
- Sequentially, quarter-over-quarter, production increased 47%
- Total production: 14,300 boepd, including about 700 boe of natural gas
- Natural gas production increased 80 percent due to ongoing installation of natural gas gathering projects on Oasis projects
- When you read the report, one gets the feeling that Oasis will miss their financial targets or be at the low end, due to expenses associated with atrocious spring flooding earlier this year, salt water disposal expenses, building natural gas gathering infrastructure
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