Pegasi - Morse Unit #1-H Production
Pegasi announces 30-‐day production rate for its first horizontal well Tyler, Texas, August 3, 2012/PrimeNewswire/ - Pegasi Energy Resources Corp. (OTCBB: PGSI) (the “Company”) is pleased to provide investors with an update on the production of the Morse Unit #1-‐H, its first horizontal well, in Cass County, Texas following 30 days of oil production. An independent contractor reported a wellhead production rate of 288 bpd oil and 454 MCF gas at 3 AM August 3rd, 2012. This spot production rate of 364 BOE (Barrels of Oil Equivalent) per day compares with an average for the previous 24hrs of 309 BOE. The well has consistently produced high quality, light, sweet oil of an API gravity in excess of 40 degrees. The Company is currently designing an artificial lift system that it anticipates will further enhance the well’s production rate. CEO Michael Neufeld commented: ”We are very pleased with the sustained production rate of our first horizontal well. The results of the 5-‐stage fracture completion of the Morse give us great confidence in our strategy for the further development of our Cornerstone acreage, which now amounts to 30,205 Gross Acres or 20,960 Net Operated Acres of which the Company holds 12,115 Net Acres. On the strength of the productivity of the 5-‐stage Morse we now plan to drill horizontal wells of 3,000 to 5,000 ft in length and complete them with fracture stimulation in 15 to 25 stages respectively. These horizontal wells are being drilled to develop the Company’s contingent resources and their success will add significantly to the company’s 3P reserves.”
Pretty encouraging considering that this was only a 5 stage frac.
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Replies to This Discussion
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Permalink Reply by Dats Oil Brother on
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No. I'm just an investor.
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Permalink Reply by jffree1 on
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Cum. production for the Pegasi-Morse #1H is... don't know. Someone else will have to add it up: )
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Morse #1H Cum. Prod..docx, 50 KB
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Never mind. I made a .pdf.
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Morse #1H Cum. Prod..pdf, 308 KB
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Permalink Reply by Skip Peel - Mineral Consultant on -
I like the pdf. 18,544.57 cum over 215 days = 86.25 barrels a day?
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Permalink Reply by dbob on
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Skip
My brain is fried tonight, but I added it up 3 times. I really think its slightly over 22,000 bbls, or about 102 bbls/day average. There appears to have been some down hole work that led to a production bump at one point. and gas appears to be being flared.
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Permalink Reply by Skip Peel - Mineral Consultant on
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Yeah, it's confusing with all the duplicate production reports. I tried to winnow those out but may have made a mistake. I don't look at RRC production reports often. Whether 85 b/d or 102 b/d this well is not economic. It's likely it will never pay out.
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