Chesapeake Announces Three Well Results (7/30/09)

Three notable wells completed by Chesapeake in the Haynesville during the 2009 second quarter are as follows:

The CLD 23 H-1 in Caddo Parish, LA commenced production on June 22, 2009 and achieved a peak rate of 29.1 mmcfe per day and a pipeline-constrained first 30-day average rate of 15.3 mmcfe per day.

The Frith 29 H-1 in De Soto Parish, LA commenced production on June 27, 2009 and achieved a pipeline-constrained peak rate of 23.7 mmcfe per day and a pipeline-constrained first 30-day average rate of 14.2 mmcfe per day.

The Chesapeake Royalty LLC 30 H-1 in De Soto Parish, LA commenced production on June 27, 2009 and achieved a pipeline-constrained peak rate of 22.6 mmcfe per day and a pipeline-constrained first 30-day average rate of 15.2 mmcfe per day.

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Permalink Reply by Skip Peel - Mineral Consultant on July 30, 2009 at 10:13
Les. Got a serial number for the CLD 23?
Permalink Reply by Ian on July 30, 2009 at 10:55
237856
Permalink Reply by Skip Peel - Mineral Consultant on July 30, 2009 at 11:03
Thanks, Ian. I didn't recall the well and a quick search did not find it. I just didn't look back far enough. It's spud date is 6-8-08. Only 14 months from spud to reported completion. Sheesh.
Permalink Reply by LP on July 30, 2009 at 11:19
Barn burners for sure.
Permalink Reply by Skip Peel - Mineral Consultant on July 30, 2009 at 11:25
Absolutely, LP. Great wells. But I particularly appreciate the inclusion of the thirty day averages. For those wishing to use royalty calculators, the thirty day production is the better variable to input. Not the IP. And keep in mind that those on-line calculators do not reflect the HS decline rate.
Permalink Reply by LP on July 30, 2009 at 11:34
Absolutely, Skip....
It's good info to have both the inital flow rate and the average sustained rate. Over time we will know what kind of decline rate to estimate. Right now we are so new we still have the price tag hanging off our Minne Pearl hats.
Permalink Reply by Skip Peel - Mineral Consultant on July 30, 2009 at 11:39
Howdeeee! Yes, it will be some time before sufficient decline data is available. However, I suspect it will settle between 75% and 82% (the range based on HS data announced to date). Although I do not know the decline variable used in the on-line calculators, I would suspect it's near half that rate.
Permalink Reply by Scott on July 30, 2009 at 12:14
Where are these wells located????
Permalink Reply by Les Bamburg on July 30, 2009 at 12:19
Scott, see the following:

Chesapeake, CLD 23 #H1 Well, Serial #237856, S23-T15N-R12W
Chesapeake, Frith 29 #H1 Well, Serial #239232, S29-T14N-R12W
Chesapeake, Chesapeake Royalty 30 #H1 Well, Serial #239209, S30-T14N-R12W

All three wells are in the Caspiana Field.
Permalink Reply by Parkdota on July 30, 2009 at 12:42
That's exciting....thanks for the info. If the decline rate is around 80% does that mean that it will be 80% less by the end of the year or is that 80% over a longer period of time. Also, would the 20% left over last for another year or so, perpetually, or still decline?
Permalink Reply by Skip Peel - Mineral Consultant on July 30, 2009 at 12:45
Logan. The estimated decline rate I mentioned was for the first year. HS wells have high initial production rates and rapid decline. Thank goodness most of us will get 6 - 8 over an extended period of time.

Chesapeake's earliest estimate was:

81%/Yr. 1 - 34%/Yr. 2 - 22%/Yr. 3 - 17%/Yr. 4 and 13%/Yr. 5. Year 6 through the commercial life of the well, the decline is basically flat (~1%/Yr.). Every well will be somewhat different. And CHK only published their estimates for Yr. 1 through Yr. 10. Some reports have estimated Yr. 1 as low as 75% but here again varying areas of the HS will exhibit varying declines based on the petrophysical characteristics in that area.
Permalink Reply by Les Bamburg on July 30, 2009 at 14:47
Skip, the terminal decline rate for year 10+ is likely to be 6-8% per year for shale gas production.

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