SWN gives LSBD update at EnerCom, Denver, Co. 8-15-12

SWN was more optimistic about the BD in it's presentation today than those in the past. Some of the more interesting points to me were as follows: First-for SWN consider the play viable/successful they feel they need a 500 BOPD well based on an Eagleford type decline curve. Interestingly though, they put little value or interest in gas rate. Well cost are currently about $9MM. They confirmed they are receiving a $20-25/bbl bonus to WTI on their oil sales to local refineries. Did not mention gas infrastructure much.

Both the Johnson and Dean have TD'd and encountered high formation pressure. The BLM had a 30 day stabilized rate of 350 BO/D and over 3MMCFG/D. They have broken the play into two distinct areas, the High Pressure and Low Pressure. While current activity has been centered in the high pressure area, wells #7 and #8 will be drilled closer to the Ak/La state line.

Leasing: In the breakout Q&A session I enquired about any changes to their 'buy outline' and SWN said they were currently leasing about 15-20,000 acres but were unable to lease land to the East because they were coming up against the Monroe Gas Fld. which is HBP.

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Permalink Reply by B Kenner on August 15, 2012 at 10:03

How long will it be before they send out the division orders to be signed?  Are they actually producing and selling on the BML?

 

Permalink Reply by obed w odom on August 15, 2012 at 13:56

Brenda, they have already sold some oil, but the latest SONRIS Lite report says that as of 8/13/2012 the well is shut in and waiting on pipeline. Judging by how fast they sent out division orders for the Garrett well, I would think they would go out soon for the BML.

http://sonlite.dnr.state.la.us/sundown/cart_prod/cart_con_wellinfo2...

Permalink Reply by B Kenner on August 16, 2012 at 3:56

Thank you  Obed.   I have not been to the property in a while and I have not heard the progress on the pipeline either.  Great news !   I am anxious about the outcome of the Dole well also.  Keeping my fingers crossed.

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