Contango Oil & Gas Co. (NYSE MKT: MCF) provided an update on its second and third wells drilled on its Southern Delaware Basin acreage in Pecos County, Texas, the Houston company said May 24.
As previously reported, the Rude Ram #1H and Ripper State #1H were drilled from a common surface location about one mile south of the Lonestar Gunfighter #1, the company's 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 barrels of oil equivalent per day (boe/d), 69% of which was oil. Meanwhile, the Ripper State, which targeted the Middle Wolfcamp A, reached a maximum 24-hour IP rate of 1,131 boe/d with 73% oil.
Contango said these rates compare "favorably" to the 966 boe/d maximum 24-hour IP rate previously disclosed for the Lonestar Gunfighter well which targeted the Middle Wolfcamp A.
The Gunner #2H, the company's fourth horizontal well, about two miles southeast of the Lonestar Gunfighter, has been drilled to the kickoff point at 9,735 ft and is being prepared for the drilling of a 10,000 lateral section into the Lower Wolfcamp A.
Contango's leasehold footprint in the Southern Delaware Basin includes about 6,250 net acres in Pecos.
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