HOUSTON, May 24, 2017 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE MKT:MCF) (“Contango”) announced today results on its second and third wells drilled on its Southern Delaware Basin acreage in Pecos County, Texas.
As previously reported, the Rude Ram #1H and Ripper State #1H were drilled from a common surface location approximately one mile south of the Lonestar Gunfighter #1, our first well in this area. Both wells targeted different landing zones within the Wolfcamp A and were completed in late April with initial flowback commencing shortly thereafter. After 30 days of flowback, the Rude Ram, which targeted the Upper Wolfcamp A, reached a maximum 24-hour IP rate of 1,304 Boed (69% oil), while the Ripper State, which targeted the Middle Wolfcamp A, reached a maximum 24-hour IP rate of 1,131 Boed (73% oil). These rates compare favorably to the 966 Boed maximum 24-hour IP rate previously disclosed for the Lonestar Gunfighter well which targeted the Middle Wolfcamp A.
The Gunner #2H, our fourth horizontal well, approximately two miles southeast of the Lonestar Gunfighter, has been drilled to the kickoff point at 9,735 feet and is being prepared for the drilling of a 10,000 lateral section into the Lower Wolfcamp A.
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 and Rocky Mountain regions of the United States. Additional information is available on the Company’s website at http://contango.com.