HOUSTON, March 07, 2017 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE MKT:MCF) (“Contango”) announced today results on its initial well on its Southern Delaware Basin acreage in Pecos County, Texas.
Contango is pleased to announce that the Lonestar-Gunfighter #1H, an Upper Wolfcamp test in the northwest portion of our acreage position, was recently completed with an approximate 10,000 foot lateral and 50 stages of fracture stimulation. The well initiated flow back on January 28, on a controlled flow basis, reaching a maximum 24-hour IP rate of an estimated 966 Boed (72% oil). The well has been flowing back for approximately 30 days and as of yesterday was producing approximately 846 Boed.
After completion of the drilling of the Lonestar-Gunfighter in late December, we moved the drilling rig approximately one mile to the south where the next two wells were drilled from a common surface location, each well also targeting the Upper Wolfcamp. The Rude Ram #1H and the Ripper State #1H were drilled to a total depth of 20,804 feet and 20,898 feet, respectively, including approximately 10,000 foot laterals. The completion of both wells, with 50 stages each, is scheduled to commence in mid-March, with initial production from both wells expected to commence in April.
After the completion of drilling these two most recent wells, the rig was moved approximately 1.5 miles to the southeast where we spud our fourth well, the Grim Reaper #1H, also targeting production from the Upper Wolfcamp. The Grim Reaper, which is currently drilling at 11,000 feet, will be drilled to an approximate vertical depth of 12,600 feet, with extensive open hole logging analysis and rotary sidewall cores to be taken through the Bone Springs, Upper, Middle and Lower Wolfcamp for evaluation of productivity in a number of zones before drilling a 10,000 foot lateral within the Upper Wolfcamp. We have exercised our rig option for our 5th well, the Gunner #1H, which is planned to spud approximately two miles to the northeast after conclusion of the drilling of the Grim Reaper. The Grim Reaper is expected to be completed in April and the Gunner will follow soon thereafter.
Contango Oil & Gas Company is a Houston, Texas based, independent energy company engaged in the acquisition, exploration, development, exploitation and production of crude oil and natural gas offshore in the shallow waters of the Gulf of Mexico and in the onshore Texas Gulf Coast and Rocky Mountain regions of the United States. Additional information is available on the Company’s website at http://contango.com.