Surge Energy Inc. detailed its first-quarter 2015 production results on May 12. The quarter ended March 31.
Surge produced 20,585 barrels of oil equivalent per day (boe/d) on average in the first quarter on a reduced capex program. These results were also achieved despite the sale of over 500 boe/d of noncore Viking production in southwest Saskatchewan.
The Upper Shaunavon crude oil discovery in southwest Saskatchewan has continued to expand, the company said.
During the quarter, two gross Upper Shaunavon wells were drilled, completed and brought on production. The 13-03-006-19W3 is producing at type curve expectations. The 13-18-005-19W3 well confirmed the southwest extension of a second major trend in the area. This well continues to produce above type curve expectations at more than 200boe/d.
The shallow, low-risk conventional sandstone Upper Shaunavon discovery is now more than 12 miles long and more than seven miles wide, with average net pay estimated at more than 6 meters. Delineation drilling results were gathered from 11 consecutively successful wells over 15 months, Surge said. The play has more than 250MMbbl of oil in place, and there are 200 net development drilling locations. Upper Shaunavon is in a corridor with 2Bbbl of oil in place.
At current oil prices, Surge's Upper Shaunavon wells pay out in less than 13 months, and generate a risked rate of return of more than 80%.
In northwest Alberta’s light oil Valhalla area, the Doig 5-07-075-08W6 well was completed and brought on production in January. It is still producing significantly above the type curve. It has been the top-producing oil well in the province for three months, Surge added.
The 4-06-075-08W6 well was drilled in Valhalla during first-quarter 2015. It was rig released and fracked and began producing in late April. It cost CA$4 million, with a 20% reduction, Surge added.
In Valhalla, Surge now has more than 35 net additional drilling locations. The pool is now about 18 kilometers (km) long, 2.5 km wide and more than 30 m thick.
At Eyehill in the Sparky play, during the first quarter, Surge drilled and brought on production one net horizontal well. The well is producing at type curve expectations. There are now more than 400MMbbl of net oil in place in the play, and there are more than 140 drilling locations.
Surge Energy Inc. is based in Calgary, Alberta.
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