Pegasi Energy Resources Corp. (PGSI) 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."
Recommended Reading
Hot Permian Pie: Birch’s Scorching New Dean Wells in Dawson County
2024-10-15 - Birch Resources is continuing its big-oil-well streak in the Dean formation in southern Dawson County with two new wells IP’ing up to 2,768 bbl/d.
Comstock: Monster Western Haynesville Wildcats Cost $30MM-plus
2024-10-31 - Comstock Resources is flowing back a 13th well currently in the play where the oldest has made 2.2 Bcf per 1,000 lateral feet to date in its first 29 months online.
Coterra Takes Harkey Sand ‘Row’ Show on the Road
2024-11-20 - With success to date in Harkey sandstone overlying the Wolfcamp, the company aims to make mega-DSUs in New Mexico with the 49,000-net-acre bolt-on of adjacent sections.
Western Haynesville Wildcats’ Output Up as Comstock Loosens Chokes
2024-09-19 - Comstock Resources reported this summer that it is gaining a better understanding of the formations’ pressure regime and how best to produce its “Waynesville” wells.
Matador May Tap Its Haynesville ‘Gas Bank’ if Prices Stabilize
2024-10-24 - The operator holds 8,900 net Haynesville Shale acres and 14,800 net Cotton Valley acres in northwestern Louisiana, all HBP, that it would drill if gas prices stabilize—or divest for the right price.