Cimarex Energy had their 1Q2010 Earnings Call on May 7th. They stated that one of their main driving properties is their 100k+ net acres in the Anadarko Basin part of the Woodford Shale. Below is their TX and OK producing wells since 2008 with their core Cana-Woodford area in bold. The second map is the Cana-Woodford core area zoomed in, colored by cumuulative gas produced. I’ll focus on this core area for this post.
Here are a few tidbits they mentioned in the call.
- $7.5-$8MM well costs
- Typically 13-14 stages, 350′ apart
- Currently running 7 rigs in the Cana-Woodford
- Rich in NGLs which comprise healthy portion of the revenue stream
- 1Q2010 Cana production stream – 63% gas, 7% Liq, 30% NGLs
Below is a type curve and the historical production for wells coming online since 2008. The type curve is approaching 1.5 Bcf at the wellhead, not including NGLs. The historical production chart shows > 15 Bcf gas produced with a peak gas of greater than 1 Bcf. The cumulative 120,781 bbls of liquids adds richly to the value of these wells.
With EUR projections after stripping NGLs of ~8.5 Bcf these wells are and should continue to prove to be very economic for Cimarex and the other operators in this portion of the play. Check back early and often the Woodford Shale Unconventional Update for all things Woodford Shale.
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