Saturday, February 18, 2012

Encana Earnings Call - February 17, 2012

Tuscaloosa Marine Shale highlights:
"In the Tuscaloosa marine shale, where Encana currently controls about 290,000 net acres, we recently completed 2 wells. The first well, which I mentioned during our third quarter conference call, was a completion of a well drilled by a previous operator and its production averaged 330 barrels of oil per day in its first month. The second well which was drilled and completed by Encana, saw production averaging about 700 barrels per day from 17 completed stages in the first month. We plan to operate 3 rigs in the Tuscaloosa throughout the spring and we plan to drill up to 6 wells by midyear.  In the Tuscaloosa marine shale, where Encana currently controls about 290,000 net acres, we recently completed 2 wells. The first well, which I mentioned during our third quarter conference call, was a completion of a well drilled by a previous operator and its production averaged 330 barrels of oil per day in its first month. The second well which was drilled and completed by Encana, saw production averaging about 700 barrels per day from 17 completed stages in the first month. We plan to operate 3 rigs in the Tuscaloosa throughout the spring and we plan to drill up to 6 wells by midyear. Also worth noting is that this play produces Louisiana sweet light crude which trades at a premium to WTI pricing."

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