Lario Oil & Gas Company has completed a second high-rate horizontal Wolfcamp test, the Peggy A 102WA, in Midland County Texas. The well was drilled with a 9,650 ft lateral and had a 24 hour IP rate of 1,690 boe/d (84% oil) and 30 day average of 1,488 boe/d. The well has produced 38,276 BO and 44,635 BOE in 30 days.
According to the company, this well offsets Lario’s Peggy 101WB well which had an IP rate of 2,450 boe/d in March, ranked in the top four IPs in the Northern Midland Basin. It’s located between Pioneer’s O’Daniel, Hutt and Shackelford areas where Pioneer has successfully tested all the primary reservoirs of the stacked Spraberry and Wolfcamp play.
Lario said it plans to focus its 2016 Permian horizontal development program with wells in both Midland and Martin counties.
Recommended Reading
Marketed: Paloma Natural Gas Eagle Ford Shale Opportunity in Frio County, Texas
2024-02-16 - Paloma Natural Gas has retained EnergyNet for the sale of a Eagle Ford/ Buda opportunity in Frio County, Texas.
ONEOK CEO: ‘Huge Competitive Advantage’ to Upping Permian NGL Capacity
2024-03-27 - ONEOK is getting deeper into refined products and adding new crude pipelines through an $18.8 billion acquisition of Magellan Midstream. But the Tulsa company aims to capitalize on NGL output growth with expansion projects in the Permian and Rockies.
Is Double Eagle IV the Most Coveted PE-backed Permian E&P Left?
2024-04-22 - Double Eagle IV is quietly adding leases and drilling new oil wells in core parts of the Midland Basin. After a historic run of corporate consolidation, is it the most attractive private equity-backed E&P still standing in the Permian Basin?
Brett: Oil M&A Outlook is Strong, Even With Bifurcation in Valuations
2024-04-18 - Valuations across major basins are experiencing a very divergent bifurcation as value rushes back toward high-quality undeveloped properties.
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.