Sabine Oil & Gas LLC has reported its unaudited first quarter 2013 financial and operating results.
Key First Quarter Results:
- In the Anadarko Basin, the Houston-based company completed a Granite Wash well with an average gross production rate of over 1,140 BOEPD (71% oil) for the first 90 days of production
- In the Eagle Ford shale, the company completed one well during the quarter and drilled new wells to TD in the South Shiner area of North DeWitt County. Subsequent to quarter-end these three wells were completed and have begun flow back operations this week. The results of these recent completions will be evaluated for several months before further reporting. The company has also begun its development program in South DeWitt County on the Sugarkane block and is currently pad drilling four wells utilizing two rigs
- Subsequent to March 31, 2013, the company closed on the purchase of 4,955 net acres in the South Shiner area in the Eagle Ford shale for approximately $14.9 million
- The company executed a joint development agreement providing for the completion of 15 drilled but uncompleted Haynesville shale wells over the next two years. Sabine's partner will pay approximately $69 million of the estimated $77 million of remaining costs to complete these wells to earn a 50% working interest. Seven of the completions are scheduled for the balance of 2013 at no cost to the company
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