TimberRock’s recent operational results are a clear step forward toward achieving our corporate goals. We continued our out-performance with the drill bit, and have achieved further capital cost reductions and cycle time improvements to lead to sustained value improvement. Improvements are a result of a team effort from front end planning through execution.
Mack Kay, President of Energy Works Management (EWM), is quick to point out that “Performance improvement is not accomplished by changing just one thing. Our starting point was detailed well planning reviews with TimberRocks’s geoscience and operations teams. Once we were clearly aligned with TimberRock’s goals, we brought the key vendors into the discussion. This allowed us to identify all the Invisible Lost Time (ILT) and remove it.”
Kris Anderson, Chief Operation Officer of EWM, points out that EWM’s procurement philosophy is to use Value Based pricing not Cost Based Pricing. “Specified criteria were created for potential vendors and selections were made based on suppliers that would give TimberRock the best value for the project.” We believe there is a trade off between price and performance that provides the best overall benefit for our clients.
On a like-well basis, Timber Rock is now the top drilling operator in the Glauc. We continue to improve our wells in our core area, testing advanced completions strategies and making further technical improvements that have resulted in an increase to the value of our capital dollars. We are building on these successes in 2018 resulting extremely attractive economics.
Chuck Sawyer, President and CEO, TimberRock Energy Corp., (403) 444-6520
Mack Kay, President and CEO, Energy Works Management, (403) 608-6225
Kris Anderson, Chief Operating Office, Energy Works Management, (587) 216-3875