Basic Energy Services Inc. said July 18 that one of its high-spec, 24-hour rig and equipment packages recently completed a record-setting Wolfcamp A well for Surge Energy US Holdings Co. in the Permian Basin.
Rig #1826, based in Big Spring, Texas, along with a bundled Basic high-spec ancillary equipment package successfully drilled out frac plugs over a total horizontal displacement of 17,935 ft (3.4 miles). To date, this well marks the longest known lateral completed in the Permian Basin.
The rig, a high-spec, 600-horsepower Taylor well servicing unit, coupled with Basic’s twin 2,250 horsepower pumps and high-performance ancillary equipment, completed the drill-out of the Medusa Unit C 28-09 3AH safely and efficiently in six days.
Leading independents in the Permian Basin—Diamondback, Pioneer and Concho—are preparing to release quarterly results this week, which are expected to show a cautious approach for the year ahead.
The oil and gas industry must respond to a new era as investors and the public shift focus on what they view as important.
Lilis Energy plans to use the roughly $24.9 million of cash proceeds from the Permian Basin acreage sale to fund a substantial portion of its borrowing base deficiency.