Monday, June 11, 2012

Triangle Petroleum Posts 1Q13 Results and Operational Updates; Note Fracking Datapoints; Note BEXP-Like IP

Link here.

A couple observations:
  • it looks like the company is taking a mid-range approach to number of stages; some companies have moved to 36 stages; TPL used 31 stages in these four wells
  • it looks like the company is going to compare "all-ceramic frack" with a 75/25 sand/ceramic mix
Four gross operated wells in McKenzie County, all completed in May; two currently producing; two undergoing flowback testing
  • 21452, 3,023 max; 1,429 - 7-day; Dwyer 150-101-21-16-1H, Pronghorn oil field; 31 frac stages; 25% ceramic
  • 21632, 3,230 max; 2,265 - 7-day; Larson 149-100-9-4-1H, Ellsworth oil field; 31 frac stages; 100% ceramic
This "Pronghorn oil field" is not anywhere near Whiting's Pronghorn prospect.

It should be noted that CLR also uses the 7-day actual production model for IP (at least that was said more than a year ago; that could have changed).

Well Completion Details
  • Larson 149-100-9-4-1H
    • 31 stages using plug and perforate method; 100% ceramic
    • 9 day actual completion time v. 7 day planned completion time
  • Dwyer 150-101-21-16-1H
    • 31 stages using plug and perforate method; 25% ceramic / 75% 20/40 white sand
    • 7 day actual completion time v. 7 day planned completion time
  • Gullickson Trust 150-101-36-25-1H (WI%: 35.7%)
    • 31 stages using plug and perforate method; 25% ceramic / 75% 20/40 white sand
    • 3.5 days actual completion time v. 7 day planned completion time
      • Time savings result of zipper frac (pad drilling). Estimated $350k savings
  • Gullickson Trust 150-101-36-25-3H (WI%: 38.8%)
    • 31 stages using plug and perforate method; 100% ceramic
    • 3.5 days actual completion time v. 7 day planned completion time
      • Time savings result of zipper frac (pad drilling). Estimated $350k savings
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