Boston, MA 06/19/2014 (wallstreetpr) – Recently, Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) commenced its 1st pilot of down spacing with multiple geological bench in the formation of Niobrara. This pilot had eight wells in Bringelson ranch area of Weld County at CO.
Niobrara Formation
The pilot was tested in both the lateral orientations i.e. B-A-B & B-B-B, being spaced 300 ft. apart. This equated to 40 acre of spacing. An average efficient lateral with which all the wells were drilled was 4000 ft. completed in 14 frac stages approximately. 1021 Boe/d i.e. 89% oil was the average peak rate of eight wells.
At present, Carrizo Oil & Gas Inc. (NASDAQ:CRZO) is drilling its 2nd B-A-B with down spacing pilot in 40 acres. It is located in Hemberger area of Weld County. This plan requires lateral spacing of about 300 ft. apart. Carrizo administers the Hemberger wells using 26% of working interest.
Utica Shale
On Carrizo’s second location, Utica Shale well in the Brown 1H in Guernsey County of OH, the spudder rig has also reached to start drilling shortly. The company anticipates to complete the work of well drilling in 26 frac stages with an efficient lateral of 6280 ft. Carrizo administers and control the Brown 1H well using 50% working interest. Carrizo is now planning to keep both the larger rig and spudder active for the Remaining year.
Carrizo Oil & Gas Inc. (NASDAQ:CRZO)’s President & CEO, S.P. ‘Chip’ Johnson, IV, excitedly says that they are very happy and motivated with the early results from the Niobrara formation test. Each of their A bench wells are easily comparable with nearby located B bench wells. He further adds, as per the current trend, Bringelson 6-20 got one of the substantially strong peak rates. Moreover, wells drilled in the B bench with 40 acre spacing are also performing quite satisfactorily.
Carrizo Oil & Gas Incorporation is a renowned energy company based at Houston. It actively deals into exploration, production and development of gas and oil from US resource plays.
